It takes huge ones to file false documents with the SEC, but it does happen and happens more frequently than you would think. Similar to people who file false tax returns with the IRS. They know they can get into big trouble, but ONLY if they're caught. That said, generally speaking if we can't believe SEC filings, what can we believe? Answer: Nothing.
A few words of advice from the SEC:
" ... 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 ..."
What kind of document do you suppose we should "believe"?
The 10k for one because it is audited. Information gathered from independant outside sources that support or refute info contained in S-8's for another.
FFGO is misusing the S-8's it files. They are supposed to be for material information but FFGO is using them for PR's.
What could be the only reason for filing an S-8 to announce a dividend that hasn't even been committed to? No filing with NASD has been made. Is the number of phone calls and emails being received by the CEO from shareholders material information? Wht is the purpose of the company speculating on the possible value of a divy that hasn't even been declared? Most real companies don't announce the value of a divy until after the X date and then only for IRS purposes after consulting with their accountants. The value of stock dividends are set by the market on the first day of trading after the X date.
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