Filing late does have material consequences. Since issuers are required to submit a notice of the delinquency, investors, stakeholders and public record are very well aware of the error. In this study, which focused on late filings and stock price, the results indicate that when issuers cite multiple reasons for delay, stock fell an average of 4.73%.
Not only does the circumstance have an immediate financial consequence, but investor confidence and public perception is shaken, which affects the company in the long-term.
Filing on time begins with a sturdy work back schedu that incorporates the risk of delay. Strong internal controls and minimal back-and-forth also contribute to successful submissions. Avoid financial punches from investors and a figurative filing criminal in the minds of stakeholders by getting those filings into the SEC with time to spare.
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