{ "docId": "019dd923-622c-750b-8b9a-0f4bec37392f", "docSlug": "f982379e2e48", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 246, "pageCount": 334, "prevPage": 245, "nextPage": 247, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A transcript format to substantiate claims of deceptive sales practices.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/246", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-246", "components": [ { "bbox": null, "kind": "callout", "text": "The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961a-3ac2d01adb59", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.35 }, "kind": "list", "text": "Lasertec offered to swap A300 for A150 “at a discounted price” so that they could show “early purchase volume”; no “real proof of concept”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "21adf62c-8ed6-4a25-831b-8f5598b71122", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Marvell told us that a senior executive visited Lasertec in December, and that Lasertec offered an arrangement where “they would actually swap out the A150 that we have with an A300 at a discounted price...because they wanted to try to get early purchase volume.” The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source. Marvell indicated that they declined the offer and that “we haven’t seen real proof of concept and enough case studies to actually show the real-world application of it versus the A150.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2f324091-94d4-4f42-9123-e122829883b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "quote", "text": "Q: “What have you heard about the A300? Have you actually had a conversation or engaged with Lasertec on it?” A: “We've had some introductory conversations with them about it, and actually, insofar as if we were to purchase—one of the conversations we had was that they would actually swap out the A150 that we have with an A300 at a discounted price. Again, it wasn't something that we were looking to entertain just because the overall quote that we got on it is fairly significant. But I have heard that they used a new light source.” Q: “Yeah, Urashima.” A: “Urashima, yeah. The only thing is that we haven't seen real proof of concept and enough case studies to actually show the real-world application of it versus the A150.” Q: “When were these conversations? They announced it in November. When did you have these conversations with Lasertec about the A300?” A: “This was about a few weeks ago, around December, because they did a press release and [an executive at Marvell - title redacted to preserve anonymity] who actually went to visit their headquarters in Japan and had a conversation with them about it and one of the things that they had stated was that because they wanted to try to get early purchase volume, they were willing to potentially entertain a swap of the A150 for an A300. We respectfully just said that we wouldn't be looking at evaluating something like this until probably closer to 2025.” – Senior employee at Marvell Technology", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4e4c2f8b-b2ed-46bd-97cb-dca7aa23d015", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“they would actually swap out the A150 that we have with an A300 at a discounted price...because they wanted to try to get early purchase volume.” — Senior employee at Marvell Technology", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961a-3eb0ca208d4e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ecd75db9-405b-48f0-8e3e-f405a91b1a26", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "e632c5d6-52d6-41ea-820f-bfd66a5c8f7f", "evidence": "The slide explicitly frames the company's actions as an attempt to mislead investors by fabricating sales.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }