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I parsed 4,251 SEC 8-K filings — 7.3% have buried material events nobody surfaces

DEV Community·Jared Ablon·19 days ago
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The wedge US public companies file Form 8-K to disclose material events between quarterly reports. Each 8-K has one or more item codes indicating what the event is — Item 1.05 for a material cybersecurity incident, Item 5.02 for a director or officer departure, Item 1.01 for a definitive material agreement, and so on. There's also a catch-all: Item 8.01 ("Other Events") . The SEC's instructions explicitly say that if a more specific item applies, you should use that instead. In practice, filers chronically use Item 8.01 to disclose events that fit a more specific item — sometimes innocently, sometimes to bury the disclosure. Most SEC data APIs trust the filer-reported item codes. We re-classify from the body text and surface the discrepancies. I built FilingFirehose (a productized SEC EDGAR JSON API) and ran the body-text classifier over 4,251 8-K filings filed in a 21-business-day window.…

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