That sound you heard yesterday was companies dumping 41,565 pages on the SEC’s doorstep
Think of yesterday afternoon as a triple witching hour of US corporate disclosure: The final minutes of the final day for many big companies to file their latest quarterly reports—and a Friday afternoon, on top of that.
Any one of those—Friday, late in the day, a quarterly deadline—typically means the Securities and Exchange Commission regulatory agency is hit with an uptick in documents at the virtual service window that accepts electronic filings for its Edgar database.
Put them all together, as happened late yesterday, and the agency is deluged as companies rush to beat the clock and (just maybe) bury a little bad or embarrassing news in the flood.
Consider Amkor Technology, which filed an 8-K form disclosing that the semiconductor assembly and testing company had agreed to pay its outgoing chief executive, Kenneth T. Joyce, $2.18 million, most of it up front, in return for unspecified consulting services.
That one, filed at 4:37 p.m., was spotted and tweeted by Michelle Leder, the founder of footnoted, a service that combs corporate disclosures for potentially market-moving information that other investors overlook. (Disclosure: I’ve written for footnoted for three years.)
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http://qz.com/83838/companies-dumping-41565-pages-on-sec-doorstep/
