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  "docId": "019dd923-622c-750b-8b9a-931d15d7e8ac",
  "docSlug": "c71f39d7ed80",
  "documentTitle": "SMART Global Holdings, Inc. (SGH)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "The slide highlights a discrepancy between official SEC filings (listing KiWan Kim) and local Brazilian filings (listing Rogério Nunes) to suggest SGH is hiding the true nature of its Brazilian operations.",
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      "kind": "callout",
      "text": "This deception offends basic principles of transparency and trust, but the more important point is that Nunes, their key man and CEO, is also a lobbyist.",
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      "text": "In Brazil, Rogério Nunes is calling the shots, where he is known as the CEO and/or President, according to Brazilian filings. This is in stark contrast to SEC filings where he is not mentioned at all.",
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      "kind": "list",
      "text": "The lead executive of SGH's most substantial business unit, SMART Brazil, is completely absent from their SEC filings and shareholder presentations. Instead, SGH lists KiWan Kim, a resident of California, as President of SMART Brazil.",
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      "text": "SGH calls Nunes a VP and General Manager, while Nunes calls himself CEO/President... This deception offends basic principles of transparency and trust, but the more important point is that Nunes, their key man and CEO, is also a lobbyist.",
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      "kind": "paragraph",
      "text": "Despite their optimistic public statements, management appears to have no interest in buying this stock themselves. SGH's insiders have sold more than $300 million of stock in the last two years, while making no material purchases.",
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      "kind": "source-note",
      "text": "2 http://abisemi.org.br/arquivosUpload/8E8BF64C6FB8A832.%20Jul04_2....pdf",
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      "text": "SEC filings: KiWan Kim, President of SMART Brazil; Brazilian filings: Rogério Nunes, President of SMART Brazil",
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      "kind": "title",
      "text": "3. Lobbying in Brazil was Core to SGH's Strategy, and its Profits",
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