A working turnaround that just discovered a single-customer-cohort dependency — and one print decides which read wins.

• Eight-quarter glide, then a step-down. Revenue YoY ran 23 → 21 → 18 → 18 → 16 → 17 → 17 → 14.3% across FY24–25. The Q1 2026 guide of 12.5% is the first guide ever below the company's own stated mid-to-high-teens range.
• Concentration, not macro. Q4 2025 was a customer-mix shock — large U.S. retailers cut spend under tariff pressure. Mid-market and SMB are still ~15% of revenue; Meta's equivalent figure is multiples higher. The fix is exactly the customer set Pinterest chose not to build for first.
• The rebuild is on a 4–6 quarter clock. A new Chief Business Officer arrived weeks before the Q4 print, TV Scientific closed in Q1 2026 with a ~100 bp 2026 margin headwind, and management has effectively pre-announced near-term sales-org disruption.

Free cash flow grew 33% the same year revenue decelerated and the stock fell 25% — yet the dilution math complicates the headline multiple.

Capex sits at 0.8% of revenue and cash conversion is unimpeachable. The complication is stock-based comp — $881M in FY25, 20.9% of revenue, larger than the $320M of GAAP operating income — and a diluted share count up 2.9% over five years despite $4.5B of buybacks since FY22. Mark FCF down by full SBC and the implied multiple lands near 36×, inside historical range. Whether FY26 buybacks finally compress the count net of issuance is the entire valuation test.

Zero open-market insider buys across 200 Form 4s, a $39M CEO grant struck before the drawdown, and a class action targeting the exact phrase management leaned on hardest.

• One-way insider tape. Co-founder Ben Silbermann sold roughly $80M in calendar 2025 under a $3.5M/week 10b5-1 plan — and kept selling through the entire alleged class period (Feb 7, 2025 – Feb 12, 2026). No open-market purchase by any officer or director at any price.
• The grant before the drop. CEO Bill Ready's 2025 package totaled $39.3M, 97% equity, grant-date-valued in January and April 2025 before the stock reset from the mid-$30s to today's $19.92. ISS rates Shareholder Rights at 10/10 — the worst possible — on the lingering dual-class overhang.
• "More resilient than ever." Seven plaintiff firms have filed suit naming Ready and CFO Donnelly individually as Section 20(a) defendants. The complaints quote that exact phrase as the alleged misrepresentation. Lead-plaintiff deadline May 29, 2026.

A single three-week window in May resolves the growth, governance, and litigation legs of the thesis.

• May 4 — Q1 2026 print. The Q2 guide is the variable that matters. Above 13% YoY validates the concentration-shock read; sub-11% forces sell-side to re-base the run-rate at 10–12% before any of the rebuild has had time to compound.
• May 21 — Annual meeting / say-on-pay. A direct referendum on the $39.3M Ready package awarded into a 25% drawdown. A failed or narrowly-passing vote is a binary credibility signal that lines up with the governance bear case.
• May 29 — Class-action lead-plaintiff deadline. Sets the discovery and settlement clock for a case that names the CEO and CFO individually and overhangs every print through 2026–27.