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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "Uses a board committee matrix and a legal text excerpt to establish a pattern of governance failure.",
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      "kind": "paragraph",
      "text": "Legal text excerpt detailing Granite's revenue overstatement and internal control failures.",
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      "text": "GVA had to restate its financials from 2017-2019 and settled financial reporting fraud charges with the SEC for $12 million. While not directly charged by the SEC, both Laurel Krzeminski and Michael McNally were forced to pay back part of their compensation because of the SEC's enforcement action. As the audit committee chair at Limbach, Laurel is responsible for ensuring the integrity of financial reporting and internal controls. Given her involvement in a prior breakdown of financial governance, her appointment as Limbach's audit chair raises questions about whether similar lapses in judgment or oversight could occur again.",
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      "kind": "source-note",
      "text": "Source: SEC complaint, Limbach proxy statement, Red line emphasis by Spruce Point",
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      "text": "Board committee membership matrix showing Laurel Krzeminski as Chair of the Audit Committee.",
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      "text": "Connection Between Limbach's Audit Chair and Financial Reporting Fraud Raises Concerns",
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