A whole lot of fancy footwork by bulge bracket advisors and boards of directors to pretend what is, isn't at an outfit that controls 80% of is market.
All the ingredients: a spinoff, related party inducements hidden in trusts, self dealing, omissions, compromised boards of directors, a shotgun repurchase of the spin off without regulatory approval leading to a proxy fight, departure of the CEO, goodwill impairment, lowered guidance, and a downgrade.
Absolutely worth the read
https://www.nongaap.com/p/illumina-an-impossible-task
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