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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses photographic evidence to challenge the company's narrative regarding their facility expansion.",
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      "text": "We saw no evidence of meaningful construction for Fab 4B, which it calls “the second round of construction” that supposedly began in Oct 2023 – just an office space with a ladder and few pieces of wood on the floor.",
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      "text": "We were unable to be invited inside “Fab 4A,” and we conclude – as we show shortly via extensive photographs – that, at best, it is an overflow storage facility for the mountain of finished goods inventory overflowing at headquarters; but that no R&D, production, assembly, or testing takes place at the facility, even if the photos in Lasertec’s presentations accurately depict the interior. In addition to Fab 4A – which the company refers to as the “first round of construction completed in June 2023,” we saw no evidence of meaningful construction for Fab 4B, which it calls “the second round of construction” that supposedly began in Oct 2023 – just an office space with a ladder and few pieces of wood on the floor.",
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      "text": "Source: Investigator field visits",
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