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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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  "notes": "The slide highlights a pattern of poor capital allocation and lack of disclosure by long-tenured directors.",
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      "kind": "callout",
      "text": "The Board has generally failed to provide any disclosures regarding the performance of their acquisitions post-integration – unless the business goes completely bankrupt or is sold for a “de minimis” amount",
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      "text": "Source: SEC Filings, Legion Partners' Estimates",
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      "kind": "paragraph",
      "text": "OneSpan has made 13 acquisitions as a public company (since 1998) to help diversify the Company beyond Hardware authentication, but multiple acquisitions outright failed",
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      "text": "Table of 5 acquisitions with columns for Date, Amount, Focus, Outcome, and Board member presence.",
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      "text": "Long-Tenured Directors Have Approved Questionable Acquisitions",
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