SEC Enforcement Highlights Late Filing Disclosure Risks

Form NT (nontimely) is used to notify the public that a company will not be able to issue their financial report in a timely manner. On April 29, 2021, the SEC’s Enforcement Division announced charges against eight companies for failure to disclose complete information in Form NT. The companies delayed issuing financial statements due, at least in part, to errors in previously issued financial statements but failed to notify the public of those possible errors in Form NT.

Here, Audit Analytics examines the SEC’s recent charges as well as trends in the past six years of late filings.