Cytodyn Inc (CYDY)

[justdafactss]

YEP! (1) is dictated by a specific statute or regulation;
https://www.securitieslawyer101.com/2014/wells-notice-disclosure-obligations/

CytoDyn Inc. disclosed material weaknesses in each of its Forms 10-K over a period of nine years, from 2008 through 2016. CytoDyn included in its public filings the same, nearly boilerplate, disclosure of material weaknesses for nine consecutive years. CytoDyn remediated its material weaknesses and determined that ICFR was effective as of May 31, 2017. The Commission’s settled order includes violations of Exchange Act Section 13(b)(2)(B) and Rule 13a-15(a), thereunder, and payment of a $35,000 civil penalty.
https://www.sec.gov/news/press-release/2019-6

Uh huh, should've been immediately disclosed the way I'm reading it.

On April 17, 2018, the staff of the Division of Enforcement (the “SEC Staff”) of the SEC issued a “Wells Notice” indicating that the SEC Staff is considering recommending that the SEC institute proceedings against us alleging that we violated certain provisions of the federal securities laws pertaining to the disclosure of material weaknesses in our Internal Controls over Financial Reporting (“ICFR”) during the period from 2008 to 2016.
https://www.sec.gov/Archives/edgar/data/1175680/000119312518229738/d840102d10k.htm