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  "docSlug": "416ab93b6285",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Uses a two-column layout to present historical data vs. forward-looking guidance manipulation.",
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      "kind": "callout",
      "text": "We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015",
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      "kind": "list",
      "text": "Most recently... management decided to “update guidance” by unrealistically back-end weighting FY 2015 guidance.",
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      "text": "Darden has a long history of missing expectations... negative stock price reaction in 13 of the last 17 quarters.",
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      "text": "EPS: ~30%",
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      "text": "Historical EPS and stock price reaction table",
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      "kind": "title",
      "text": "Darden has a long history of earnings misses and, we believe, management recently “updated” guidance to avoid the appearance of another miss",
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