Callouts & quotes from 11+ activist slides

"In late 2011, fraud researcher Jon Carnes, who has among the best track records in the industry in identifying irregularities with China-based companies, issued a report on Silvercorp that alleged, among other things: The company’s technical reports were based on a 2-man team that used resource estimates provided by Silvercorp and who hadn’t visited the site in years. The quality and resource estimates of its mines were overstated. That a related-party transaction had enriched a relative of CEO Rui Feng."

"The Company did not maintain adequate documentation to support the proper accounting for inventory movements related to phone shipments for refitting and refurbishment. Consequently, the Company overstated inventory or receivables by not maintaining adequate documentation of track phones provided to outside services providers. As a result of this material weakness, an adjustment was necessary to properly record costs of goods sold and amounts due from vendors — 10K/A states"

"MagnaChip recognized revenue on sales of incomplete or unshipped products...and delayed booking obsolete or aged inventory to manipulate its gross margin. The SEC detailed how Magnachip “overstated revenue for nearly two years in response to immense pressure...each quarter to meet revenue and gross margin targets that had been communicated to the public...a panopy of accounting tricks to artificially meet financial targets.” — SEC press release, May 2017"

"MagnaChip recognized revenue on sales of incomplete or unshipped products...and delayed booking obsolete or aged inventory to manipulate its gross margin. The SEC detailed how Magnachip “overstated revenue for nearly two years in response to immense pressure...each quarter to meet revenue and gross margin targets that had been communicated to the public...a panoply of accounting tricks to artificially meet financial targets.” — SEC"

""Then we realized that the numbers were overstated in several markets by 15% to 20%." It turned out that some florists who were transferring orders to other shops had reported total sales, and not just their commissions, as revenue. -- Greg Royer, Director. "There was a huge Bermuda Triangle between corporate management and the mom-and-pop retailers who didn't know what P&L; and EBITDA are." -- Karen Akin, Apples to Zinnias."

"According to Confidential Witness No. 1, a number of high-ranking Amdocs employees in the United States and Israel--including Gelman and Daunov, Division Presidents Shaul Ganel and Dani Keret, Division Vice President Richard Norris, and Vice President of Sales, North America, Joshua Behar--were involved in a scheme to overstate Amdocs' backlog by 30-50%, with successive quarters increasingly overstated."

"widespread accounting violations — SEC. "pushed employees to maximize end-of-quarter revenue, yet failed to devise and maintain sufficient internal accounting controls to accurately record revenue." — SEC. "improperly under-reported certain expenses" — SEC. "engaged in two additional practices over the course of several years that systemically overstated inventory and understated expenses." — SEC."

"In addition, the Company improperly accounted for other items that overstated net income, including the estimation and recording of self-insurance reserves, its recognition of equipment rental revenues, and its income tax accounting. — SEC URI Complaint 2008"

"10/24/14 -- VER issues 8K that AFFO had been overstated. The audit committee further concludes that the error had been indentified, but intentionally not corrected."

"Progyny’s live birth rate calculation may be impacted by miscarriage data and may be overstated if miscarriages are under-reported. — Milliman Report"

"Overstated Margins from Day One. CoreWeave assumes EBITDA margins hit 80% immediately, a figure a former CoreWeave engineer called “utopian.”"