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  "docSlug": "jarvis-legion-one-span-presentation-may-2021",
  "documentTitle": "Legion One Span Presentation May 2021",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
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  "pageNumber": 81,
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  "slideType": "villain_critique",
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  "notes": "This slide serves as a critique of the current Board's competence and governance.",
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      "kind": "list",
      "text": "Significant delays in operational undertakings, including the transition to Software\nUnbalanced capital allocation, primarily focused on M&A, has not resulted in long-term accretive returns\nIn their own words, dated information technology (“IT”) infrastructure seemed ill-prepared for a transition\nBloated General & Administrative (“G&A”) expenses versus peers\nFailure to innovate, including utilizing new form factors, has led to newer competitors overtaking OneSpan – lack of hardware experience on Board likely unhelpful\nApparent unwillingness to objectively explore all strategic options to enhance OneSpan’s value as we believe the Board has ignored inbound interest regarding a strategic transaction",
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      "kind": "other",
      "text": "Source: SEC Filings, OSPN Investor Day (Transcript, 12/4/19) Legion Partners’ Estimates",
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      "kind": "paragraph",
      "text": "We believe the Board's lack of critical skill sets, particularly relevant to the go-forward strategy, has led to multiple strategic failures and a structural overhang to OSPN's valuation",
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      "kind": "title",
      "text": "Ineffective Strategic Oversight",
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      "evidence": "Critique of board composition and strategic oversight",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Path to Victory",
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      "evidence": "Legion outlines its vision for a new board and leadership team",
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