Spruce Point Issues “Strong Sell” Investment Opinion On The Ultimate Software Group (Nasdaq: ULTI) – Sees 20% – 45% Downside Potential
Spruce Point Capital Management is pleased to announce it has released the contents of a unique short idea involving The Ultimate Software Group, Inc. (Nasdaq: ULTI), a $5+ billion dollar human resource software company where we see $110 – $146 per share, or approximately 20% to 45% downside. We have conducted an extensive forensic financial and accounting review, and have obtained unique company contracts released through Freedom of Information (FOIA) requests. Our evidence and primary research suggests intense competition (which the management completely denies), heavy price discounting, and deteriorating margins at ULTI. In our opinion, ULTI is using very...
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