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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Uses a quote-based contradiction framework to highlight management's misleading statements.",
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      "kind": "callout",
      "text": "\"And we already pointed out that in the last quarter we have a path to achieve our 2016 targets.\" Dr. Klaus Kleinfeld, October 8, 2015",
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      "text": "Management claimed synergies were now 190-200% deployed and Firth Rixson was \"on a good path\" to hitting 2016 targets",
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      "text": "(29%) TSR vs. Proxy Peers since quote",
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      "kind": "paragraph",
      "text": "Starting in Q3 2015 when it was clear to all that Firth Rixson would not hit targets, management failed to disclose direct Firth Rixson results. Analysts pushed in the Q&A...",
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      "text": "October 2015 Management claimed synergies were now 190-200% deployed and Firth Rixson was \"on a good path\" to hitting 2016 targets",
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      "text": "\"Firth Rixson has been fully integrated... we have a path to achieve our 2016 targets... EBITDA of $350 million... $1.6 billion... 16.8% EBITDA... $168 million... 190% – 200% deployed... $70 million to $80 million... $100 million to $110 million\"",
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      "text": "\"And we already pointed out that in the last quarter we have a path to achieve our 2016 targets. We actually said that we're going to have an EBITDA target of $350 million 2016 on revenues of $1.6 billion... And then on top of it the synergies, and we are at this point in time roughly around 190% – 200% deployed. We have this and the use of the implementation system which gives us a good view inside of it and gives me some comfort that we are on a good path there.\" — Dr. Klaus Kleinfeld, Q3 2015 Earnings Call, October 8, 2015",
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      "text": "Firth Rixson: \"On a Good Path\"",
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