Sequences

Companies that have reached more than one signal. A raw filing feed shows each event alone; the order they arrive in is often the more informative thing.

A recognisable progression runs late filing → auditor change → going concern → non-reliance. Not every company follows it, and reaching one step does not imply the next. Dates are filing dates.

What is not a sequence. A Form 12b-25 followed by the report it deferred is Rule 12b-25 working, not a company deteriorating: the rule grants five calendar days for a 10-Q and fifteen for a 10-K, and the disclosure the tracker then reports comes from that very report. Those pairs are excluded, as are two signals read out of a single filing. One filing is one occasion.

How often one signal follows another

Across the 2361 companies recorded here, using their full filing history from SEC EDGAR — 17,970 historical events in total.

The rule, exactly. A company counts once, not once per event. For each pair, the denominator is every company whose EDGAR history contains the first event at all; it counts as a follow-on if the second event appears strictly after the company’s first occurrence of the first event and within 540 days of it. Same-day pairs are excluded, and two signals read out of one filing are never a pair.

Measuring from the first occurrence matters. Counting from any occurrence gave a company one chance per event — a filer submitting an NT form every quarter had eight or ten overlapping windows in which an auditor change could land — which roughly doubled every rate, and doubled them most for the frequent filers this population is full of.

Read this narrowly. These are conditional rates inside a population this tracker already flagged, not population base rates. There is no matched control group, so they cannot tell you that one event makes another more likely — only how often, among these companies, one followed the other. The sample is small and skewed toward smaller issuers, which file NT forms and change auditors far more often than listed companies generally: within a window of this length, common events co-occur readily. The counts beside each rate are the more useful figure.

120 of 510 companies are shown, ordered by how many signals each reached. Every company’s full sequence is on its own page.

No sequences match that filter.