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Why Spruce Point Is Short LMB:US. Major Governance & Accounting Risks

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In this episode, we welcome Ben Axler from Spruce Point Capital to discuss Limbach Holdings (LMB:US), a recent short of theirs. Ben outlines the factors that put Limbach on his radar, including its legacy SPAC deal history, weak auditor, and high valuation within its sector. He also highlights governance issues, such as connections to corporate fraud cases like Enron and Granite Construction, and questions the management's capabilities. Ben provides detailed insights into Limbach's business segments, their transition strategies, recent acquisitions, and potential risks. The discussion also touches on the quality of financial reporting, the impact of acquisitions, and the overall market sentiment regarding the company. This comprehensive analysis sheds light on why Ben views Limbach as an overvalued stock with potential downside risks.

00:00 Introduction and Guest Welcome
00:36 Spotlight on Limbach Holdings
02:30 Governance and Management Concerns
04:41 Business Segments and Market Position
06:19 Acquisitions and Growth Strategy
10:09 Valuation and Financial Analysis
23:48 Accounting Practices and Red Flags
32:40 Conclusion and Final Thoughts

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