by Fred Fuld III
When I have some free time on my hands and nothing better to do, I sometimes search Securities and Exchange Commission filings for dirty words.
Just kidding!
But surprisingly, several companies have actually filed documents with the SEC containing the “S” word and even the “F” word—and these aren’t just obscure companies. Some are names that almost everyone recognizes.
How did these words end up in SEC filings? Sometimes it’s a typo. Sometimes a filing quotes something someone said. And occasionally, the company really does mean what it says.
The “S” Word
One example comes from Shopify (SHOP).
In Exhibit 1.1 to Shopify’s Form 40-F, its 2016 Annual Information Form, the “S” word appears in the Culture & Employees section.
Another example comes from LendingClub.
A Form 424B3 filing appears to contain what may simply be a typo involving an occupation.
The “F” Word
Then there’s Time Warner Cable.
A Form 425 filing contains an interesting quotation that includes the “F” word.
These are just a few examples. There are other SEC filings containing unexpected—and sometimes downright amusing—language, including filings from companies that aren’t nearly as well known as Shopify, LendingClub, or Time Warner Cable.
It just goes to show that you never know what you’re going to find buried in an SEC filing.
And speaking of four-letter words…
Sh1t, I just realized I got through this entire article without using one dirty four-letter word.