Case studies

How we read the filings behind the headlines.

Every major accounting failure. And every disclosure masterclass. Left a trail in the filings. We break down the ones that mattered, because that's the same pattern-recognition we bring to yours. For practical how-to guidance, see the articles.

Fraud · DAX collapse€1.9B

Cash that never existed. And the audit that blessed it.

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Fraud · Nasdaq$310M

A growth story invented one spreadsheet at a time.

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Window-dressing$50B

Repo 105: swept off the balance sheet, every quarter.

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Fraud · SPEs$74B

The off-balance-sheet structures that hid everything.

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Related party$90B

The distributor nobody disclosed.

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Reserves$15B

When long-tail insurance reserves finally caught up.

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Restatement$235M

Tone at the top, measured in dollars.

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Best practiceNegative CCC

Working-capital mastery as a competitive weapon.

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Best practiceTrust

Disclosure discipline that rebuilt investor confidence.

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Best practicePlain English

Disclosure so clear it became a moat.

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Delisting · Governance360 days

MiMedx: How a Delinquent 10-K Became a Delisting and a Court-Ordered Annual Meeting

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Cash-flow fraudOpex as capex

Anatomy of a Cash Flow Fraud: Penn West's 'Reclass to Capital' and the Restatement That Followed

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Going concern108 days

Bed Bath & Beyond: When the Going-Concern Disclosure Arrives 108 Days Before Chapter 11

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SPAC warrantsApr 2021

Ten Paragraphs That Restated an Industry: The 2021 SPAC Warrant Wave

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Leases · ASC 842Non-reliance

Sonder Holdings: When a Balance Sheet Made of Leases Breaks, an ASC 842 Restatement Teardown

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Related party · Item 404$10M

Anatomy of a $10 Million Omission: The SEC's Related-Party Case Against Lyft

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Revenue fraud5 years

MiMedx: How Distributor Side Agreements Turned 5% of Revenue Into a Five-Year Restatement

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Segments · ASC 280$2.7B

The $1 Million Segment: How Sony's 'Entertainment' Aggregation Hid a Billion in Losses

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The same eye that catches these patterns in public filings is the one reviewing yours.

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