It is a legal requirement as you own more than 5% of the OS. Seems like everyone steals money from the poor retail investors and the SEC can't do very much. But they go after individuals who don't do the filings like this. It is better to be safe than sorry.
I have accidental boughtt more than 5% few times and did the filings.
Do the filings and save yourself potential trouble.
"Schedule 13G is an alternative SEC filing for the 13D which must be filed by anyone who acquires ownership in a public company of more than 5% of the outstanding stock. The 13G filing is considered a more passive version of the 13D and has fewer reporting requirements than the 13D."
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