Financial Accounting Blog

Monday, September 08, 2003

Corp Law Blog: Painful Lessons: Recommending Your Cleaning Lady on EDGAR:

One of the homework questions had us look up the Papa Johns EDGAR filing. I think it is important that the class realize that Edgar filings cannot be retracted. Once they are in EDGAR, they stay in EDGAR. I found this painful lesson at the Corporate Law Blog, and thought the class might find it interesting.

Corporate lawyers have a love/hate relationship with the SEC's Electronic Data Gathering, Analysis, and Retrieval system. We love being able to retrieve other people's SEC filings and material contracts on the internet at the press of a button, but we hate the idea that other people can retrieve our clients' documents at the press of a button. We especially hate EDGAR when we make mistakes. Mistake filers quickly learn that EDGAR is an unforgiving system -- once filed on EDGAR, a mistaken document stays there forever for all to see.