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  "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",
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  "pageNumber": 306,
  "pageCount": 334,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a stock chart with a red circle annotation to highlight the specific date of the alleged deceptive press release.",
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      "kind": "callout",
      "text": "Fake capital expenditure press releases are a trick we see often in corporate frauds, to create the illusion of customer demand, expansion, and growth.",
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      "kind": "chart",
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      "kind": "legend",
      "text": "Feb 25, 2022 – stock was in freefall with record trading volume",
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      "kind": "metric",
      "text": "stock price: 40%",
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      "text": "The timing of the announcement was suspicious. The stock had collapsed rapidly over 6 weeks, falling 40% from a peak of 36,000 in Jan 2022, to 21,000 on the day of the release on Feb 25, 2022 – a highly unusual moment to announce an expansion 5 times the size of headquarters, especially after sales plummeted that quarter. We suspect that management panicked and concocted a press release in a bid to halt the decline. Fake capital expenditure press releases are a trick we see often in corporate frauds, to create the illusion of customer demand, expansion, and growth. The chart below is what management saw on Feb 25, 2022 – anyone then could have feared a further 50-75% decline to 5,000 to 10,000. We note that trading volumes in the three weeks prior to the release were the highest ever in the stock – record volumes into a rapid decline are a sign of panic selling.",
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      "kind": "source-note",
      "text": "Source: Bloomberg data",
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      "kind": "title",
      "text": "Lasertec stock chart as of Feb 25, 2022 – the day of the Innovation Park press release",
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