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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "pageCount": 334,
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  "notes": "The slide uses a combination of historical inventory tables and a balance sheet snippet to highlight the absence of a 'finished goods' line item.",
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      "kind": "callout",
      "text": "Lasertec financial filings contain no line item for finished goods – most recent filing as example, Apr 30, 2024",
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      "text": "Misclassifying and improperly valuing inventory to evade impairment charges that would wipe out historical earnings is a tactic common to some of the most significant fraud cases over time.",
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      "text": "inventory composition: 0%",
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      "text": "Incredibly, its financial statements over the past 5 years record zero finished goods in any period – its balance sheet doesn’t even have a line item for it. Misclassifying and improperly valuing inventory to evade impairment charges that would wipe out historical earnings is a tactic common to some of the most significant fraud cases over time.",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials",
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      "text": "Total Inventory By Category (JPY) and (USD) tables showing breakdown of Raw materials and Work-in-process.",
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      "text": "Consolidated balance sheet snippet highlighting 'Work in process' and 'Raw materials and supplies' with no 'Finished goods' line.",
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      "kind": "title",
      "text": "Lasertec’s charade is not only brazen but hiding in plain sight – it claims that 100% of its $1.1 billion in inventory is raw materials and work-in-process with 0% finished goods.",
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