Just got in some PG cherry ply and it has a very similar bad finish on it just like the Walnut reported here
Ugly Proofgrade finish on walnut plywood (And the link in that thread as well)
I got several sheets of ply, but only 1 has the bad finish. I didn’t notice until I had a cut done, but I still wanted to bring attention to it.
If you need better pictures, or more info, let me know.