AH! Now you're on to something, though it's not QUITE what you think.
The Reg SHO list is a wonderful place to look for corporate vermin. Find a group of companies with persistent appearances on the Reg SHO list and you have a wonderful field of candidates whose 10-K's and 10-Q's should be immediately reviewed.
But you don't exactly strike me as the kind of an investor who reads those things.
"The penny stock investor may be the most dangerous creature in the investment world, at least to himself.[...]His hypocrisy becomes most apparent when he then blames his losses on the greed of others." Robert C. Dugan, Director - JRM Capital