Put it this way sukh ... SEC filings are "supposed" to be truthful as there are consequences for lying. But tax returns filed with the IRS are "supposed" to be truthful too as there are consequences for lying. The thing is, people lie sometimes in hopes that they won't get caught. Sometimes they manage to slip through the cracks, but sometimes they get busted.
The SEC warns as follows:
"Caution: By law, the reports that companies file with the SEC must be truthful and complete, presenting the facts investors find important in making decisions to buy, hold, or sell a security. But the SEC cannot guarantee the accuracy of the reports companies file. Some dishonest companies break the law and file false reports. Every year, the SEC brings enforcement actions against companies who've "cooked their books" or failed to provide important information to investors. Read SEC filings — and all other information — with a questioning and critical mind."
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