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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "The slide uses SEC press release excerpts and proxy statement data to establish a pattern of poor governance oversight by a current director.",
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      "text": "Laurel Krzeminski and Michael McNally are not the only Limbach directors with connections to accounting fraud. Linda Alvarado has been a director at Limbach since 2021. She was previously a director at Qwest Communications International (formerly NYSE:Q) from 2000-2010 and served on its Audit committee from 2000-2005. Under Ms. Alvarado's tenure as a member of Qwest's audit committee, Qwest engaged in a multi-year, multi-billion-dollar accounting fraud between 1999-2002. Qwest was forced to restate its 2000 and 2001 financial statements, reported a $38.5 billion loss for 2002 and eventually paid a $250 million penalty for its actions.",
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      "text": "Laurel Krzeminski and Michael McNally are not the only Limbach directors with connections to accounting fraud.",
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      "text": "Our Audit Committee consists of Linda G. Alvarado, Jordan L. Haines, Peter S. Hellman and W. Thomas Stephens (Chairman). The Audit Committee met six times and acted once by unanimous written consent during 2000. Our Audit Committee consists of Linda G. Alvarado, Jordan L. Haines, Peter S. Hellman and W. Thomas Stephens (Chairman). The Audit Committee met eleven times and acted once by unanimous written consent during 2001. Our Audit Committee consists of Linda G. Alvarado, Jordan L. Haines, Peter S. Hellman (Chairman) and W. Thomas Stephens. Mr. Stephens, who served as Chairman, resigned from the Audit Committee in May 2002 and was re-appointed in September 2003. During 2002, the Audit Committee met 26 times and did not act by unanimous written consent.",
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      "kind": "paragraph",
      "text": "SEC Charges Qwest Communications International Inc. with Multi-Faceted Accounting and Financial Reporting Fraud...",
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      "text": "Qwest said its restated loss in 2000 ballooned to $1.04 billion on revenues of $14.1 billion. It originally reported an $81 million loss on revenues of $16.6 billion. In 2001, the restated loss rose to $5.6 billion on revenues of $16.5 billion, compared with the originally reported loss of $4 billion on revenues of $19.7 billion.",
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      "kind": "quote",
      "text": "Qwest fraudulently recognized over $3.8 billion in revenue and excluded $231 million in expenses as part of a multi-faceted fraudulent scheme to meet optimistic and unsupportable revenue and earnings projections. — SEC Press Release 2004-148",
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      "kind": "source-note",
      "text": "Source: SEC press release, Qwest 2001, 2002, 2003 proxy statements, Qwest article, Red line emphasis by Spruce Point",
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      "kind": "title",
      "text": "Limbach Director Linda Alvarado Previously Served On The Audit Committee For Qwest Communication",
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