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  "documentTitle": "Tempus AI, Inc. (TEM)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a 'guilt by association' narrative, focusing on the timing of Barris's departure relative to the disclosure of financial irregularities.",
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      "text": "Neutral Tandem / Inteliquent’s Troubles Surfaced Right After Mr. Barris Left",
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      "text": "Earnings Were Postponed And An Internal Investigation Commenced With Outside Professionals",
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      "text": "Material Weakness Identified At The End of Mr. Barris’ Term On The Board",
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      "text": "We have identified a material weakness in our internal control over financial reporting. A material weakness is defined by the standards issued by the Public Company Accounting Oversight Board as a deficiency or a combination of deficiencies in internal control over financial reporting such that there is reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected. We did not effectively design and perform control activities to prevent or detect material misstatements that might exist in our presentation of the income tax consequences associated with the impairment of goodwill, intangible and long-lived assets. Specifically, the review performed by our corporate accounting and tax group of the consolidated tax processes and procedures did not provide for adequate and timely identification of the income tax impacts arising from the impairments. In light of this material weakness in internal control over financial reporting, we concluded that our financial reporting controls and procedures were not effective as of December 31, 2012. For further discussion please see Item 9A(b) below.",
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      "text": "As previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2012, Inteliquent reported a $75.3 million impairment charge, and a net loss of $78.1 million, in each case for the year ended December 31, 2012. During the second quarter of 2013, the Board of Directors of the Company determined that an internal investigation of whether such impairment charge was overstated should be undertaken by the Audit Committee with the assistance of independent outside professionals. During the same time period, the Board of Directors also determined that the Audit Committee, with the assistance of independent outside professionals, should conduct an internal investigation of the Company’s financial forecasting practices during the fourth quarter of 2012 and the first quarter of 2013. As a result of the ongoing internal investigation, Inteliquent has postponed its scheduled second quarter earnings call, which had been set for Thursday, August 8, 2013 at 10:00 a.m. Eastern time.",
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      "text": "Director Peter Barris sat on the Board of Neutral Tandem (Nasdaq: TNDM) which rebranded as Inteliquent (Nasdaq: IQNT). His firm NEA was a major equity sponsor at the IPO but fully exited the position. He served on the Board from 2003 through May 2012 and was on the Audit Committee through early 2011. Shortly after his departure, the company announced an internal investigation into its financial reporting and accounting practices. A material weakness of internal controls was revealed, and it received a Nasdaq listing compliance letter. The investigation did not result in a restatement. Mr. Barris was also involved with Vonage Holdings Corp. (NYSE: VG) where he served on the Board and was a major shareholder. Vonage was sued over its IPO flop and restated financial results in 2008 while reporting a material weakness. Vonage’s Chairman and largest shareholder was Jeffrey Citron, whom the SEC charged earlier with securities fraud.",
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      "text": "We have identified a material weakness in our internal controls over financial reporting. If We Do Not Maintain Effective Internal Controls Over Financial Reporting, We Could Fail to Accurately Report Our Financial Results. — Inteliquent 10-K",
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      "text": "Source: NEA/Barris ownership, IQNT Earnings Postponement, IQNT 10-K disclosing a material weakness, IQNT Nasdaq listing compliance notification, Investigation completion; Vonage Sued over IPO Flop, Vonage Non-Reliance Opinion and Restatement, SEC Charges Day-Trading Principals with Securities Fraud.",
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