{
  "docId": "019dd923-622c-750b-8b99-a016b8cafb9e",
  "docSlug": "aeaf881b8cf7",
  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 54,
  "pageCount": 70,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a 'guilt by association' framework to undermine the credibility of the target company's financial reporting.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "line_chart"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a016b8cafb9e/54",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e#slide-54",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "LSP's financial statements are audited by Armanino LLP albeit the firm does not list construction, materials or mining as an industry focus.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bf6-0b6fdd4dafba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.32,
        "x": 0.67,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Aqua Metals (AQMS) stock performance chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3429e898-c5aa-4ce2-bd96-5b03a54fffc4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.32,
        "x": 0.34,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Lottery.com (LTRY) stock performance chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab08bf39-f956-4030-bbcd-3e78b6c29b3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.32,
        "x": 0.02,
        "y": 0.45
      },
      "kind": "image",
      "text": "FTX US news screenshot",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34a17d8c-6993-4aa9-a389-24750c5aa16d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "LSP's financial statements are audited by Armanino LLP albeit the firm does not list construction, materials or mining as an industry focus. Armanino has recently been associated with controversial companies including FTX US, Lottery.com (LTRY), Aqua Metals (AQMS) and Momentus (MNTS). The SEC brought litigation against individuals associated with Momentus and FTX.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb79e7ce-a0cf-403a-bec6-13896944be9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We were never engaged to audit internal controls — Armanino (as reported by Financial Times).",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bf6-0e561afc2243",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: LSP financials audited by Armanino, Armanino Industries, DOJ and SEC Charges FTX founder for fraud; Armanino resigns from Momentus (7/19/23), Momentus named in SEC litigation; Aqua Metals targeted by short seller, settles lawsuit and Armanino resigns; \"From SPAC Dreams To Riviera Mirage: How Lottery.com Imploded\", Bloomberg, March 4, 2024",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf1b5939-f377-4a80-bb6a-e8a082be2a61",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "LSP's Auditor Recently Associated With Multiple Financial Scandals...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9a1fd7f-3cb7-4fd4-b55b-fcb477e565d3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "bc1ee90b-1140-408b-9814-3f194edcd4c1",
      "evidence": "Linking auditor to multiple failed companies to imply systemic risk or lack of due diligence.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}