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  "documentTitle": "Legion One Span Presentation May 2021",
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  "presentationDate": "2021-05-01 00:00:00",
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      "kind": "chart",
      "text": "Q3 2020 Earnings Call – Stock Price Reaction",
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      "text": "2020 full year guidance was reinstated but updated figures implied even lower Hardware revenue for full year",
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      "text": "2020 Hardware revenue expectations were revised down from \"mid-single digits\" to \"down 20-25%\" on the Q2 2020 earnings call - but on the Q3 2020 earnings call, Hardware revenue was revised again to down ~40% for full year 2020",
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      "text": "Given the Company was clearly struggling with investor communications, Legion privately sent a sample quarterly earnings presentation and offered to collaborate on a joint search for director candidates - the Board rejected our offer yet failed to improve OSPN's investor communications on the Q3 2020 earnings call",
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      "kind": "other",
      "text": "Source: SEC Filings, OSPN Q2 2020 Earnings Call Transcript (8/11/20), OSPN Q3 2020 Earnings Call Transcript (11/2/20), Legion Partners' Estimates, Capital IQ",
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      "kind": "quote",
      "text": "\"The biggest impact of the pandemic on our business has been a sharp drop in demand for hardware authentication products.\" -- CEO Scott Clements (11/2/20)",
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      "kind": "title",
      "text": "Once again, the Company overly focused investor communications on the impact of Hardware weakness to near-term GAAP financials, causing the stock to crash despite steady recurring revenue Software trends",
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      "kind": "title",
      "text": "Self-Inflicted Disasters: Q3 2020 Earnings Call",
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