Thursday, May 6, 2021 On Thursday, April 29, 2021, the U.S. Securities and Exchange Commission (“SEC”) charged eight public companies for failing to disclose (in requests for permission to file periodic disclosure reports including financials late) that the delays were caused by anticipated restatement or correction of previously filed financial statements. In each case, the company had filed a Form NT (technically a “Form 12b-25 Notification of Late Filing”) as permitted by Rule 12b-25 adopted under the Securities Exchange Act of 1934, as amended. None of the eight companies had made full disclosures of their financials to the SEC as required by the Form. Of particular interest is that the SEC used data analytics to identify the eight “miscreants.” As the Acting Director of the SEC’s Division of Enforcement said, “we will continue to use data analytics to uncover difficult to detect disclosure violations.”