SEC Pilled 💊

one pill a day keeps the SEC away

[SEC Pilled 💊 @secpilled]

if this account ever sounds bearish or bullish about a stock, that's a coincidence.

i'm loyal to the 8-K.

you should be too.

[SEC Pilled 💊 @secpilled]

one guy. five Form 4s. same timestamp. same price. five different companies.

$FGMC $FGII $FGF $VEEE $GLND - Larry Swets filed identical 10,000-share dispositions at $2.77 across all of them at 2:50 AM this morning.

$FGMC trades at $10.35. $FGII at $9.93. he filed sales at $2.77 on both.

and then there's $VEEE. Twin Vee PowerCats. electric boats. market cap: $323,401.

he sold $27,699 worth of a company worth $323K. into a company he was already a director of. the SEC got one filing and five tickers and the same number everywhere.

this is either the most efficient insider in america or a redemption event that generated the most absurd omnibus filing of 2026.

[SEC Pilled 💊 @secpilled]

paid $5.6B for Hostess in 2023. wrote down nearly $1B in a single quarter. full year GAAP: net loss.

$SJM Q4 8-K this morning. the press release leads with Q4 GAAP EPS of $3.64 and calls it "meaningful momentum." the full year adjusted EPS is down 10%. FY2027 guidance: net sales expected to fall 3-4%.

"portfolio enhancement efforts" is doing a lot of work for a $961M impairment.

[SEC Pilled 💊 @secpilled]

premarket, june 9:

$NUVL +39% - GSK paying $10.6B, $124/share, two FDA decisions due this fall
$FAC +42% - day 2 SPAC. solid-state battery. $1.3B implied. $100M raised
$RGNT +155% - surgeon training press release. $16M market cap
$MTEN +36% - securities fraud investigation
$EPSM +34% - also fraud investigation

two stocks are up because someone is investigating them for lying

[SEC Pilled 💊 @secpilled]

the founder just put $3.9M of his own cash into a stock down 54% from its high.

$RYAN Patrick Ryan, Executive Chairman. 120,000 shares at $32.50. no 10b5-1 plan. filed this morning.

same week: CFO put in $200K. General Counsel another $100K. three insiders, $4.2M combined, all within 10% of the 52-week floor.

six months ago the CEO sold $6.95M at $53.61.

one of these groups has seen the same internal numbers and reached a very different conclusion.

[SEC Pilled 💊 @secpilled]

https://t.co/6qFE7zt5rw

Filing: https://t.co/0vFelFj1z1

[SEC Pilled 💊 @secpilled]

borrowed money to buy stock. again.

$FICO 8-K: $1.5B term loan, matures May 2028, proceeds go straight to an ASR with Wells Fargo. quarterly principal repayments start september.

total debt was already $3.66B as of march. revenue was $1.99B last fiscal year.

they are borrowing 75% of annual revenue to retire shares. the balance sheet is already negative equity by $2.1B.

the business is exceptional. the capital structure is a different conversation.

[SEC Pilled 💊 @secpilled]

$1.25B charge. hits GAAP. also hits non-GAAP.

$INCY just acquired Vega Therapeutics and disclosed the IPR&D charge bleeds through to the adjusted number. the one Wall Street models off of. the one that's supposed to strip this stuff out.

when they did the Escient deal in 2024 for $750M, the charge stayed in GAAP only.

this time it doesn't. Q3 and full-year 2026 non-GAAP guidance just absorbed ~38% more opex. read the 8-K.

[SEC Pilled 💊 @secpilled]

premarket, june 8:

$TNGX +46% - 92% response rate in pancreatic cancer. phase 1/2.
$ABAT +26% - DOE grant they tried to kill got reinstated. $115M lithium refinery lives.
$QTEX +20% - unnamed Fortune 500 PO. no dollar amount. no name. just vibes and a press release.
$VEXC +24% - ETF. premarket artifact. nothing here.

[SEC Pilled 💊 @secpilled]

CEO says buy the dip.

his board just filed $224M in open-market sales. June 1 through 3. no 10b5-1 plans.

Jensen himself isn't selling. his directors are. same week. same stock. same "buying opportunity."

the form 4 and the quote exist simultaneously. only one of them required a signature under penalty of perjury.

[SEC Pilled 💊 @secpilled]

4.2% is the estimate for wednesday's CPI print.

prior was 3.8%. FOMC meets in 9 days. warsh has been chair for five minutes and built his entire reputation on not being the guy who called inflation transitory.

market is pricing 96% hold. 8% hike.

one of those numbers is wrong.

[SEC Pilled 💊 @secpilled]

https://t.co/xdySoegteH

Filing: https://t.co/Jqd8TBoEUE

[SEC Pilled 💊 @secpilled]

$NRIX 8-K just hit: $700M cash upfront. no shares issued. zero dilution.

Roche funds 60% of development, takes ex-U.S. rights, splits U.S. profits 50/50. Nurix goes from $540M cash to $1.24B overnight.

this is what validation looks like when it's not a press release. it's a wire transfer.

[SEC Pilled 💊 @secpilled]

$DDS Q1 net income: +52.9%. everyone celebrated.

Note 9 of the 10-Q: $104.1M pre-tax gain from a credit card interchange fee settlement. strip it out and core income is up about 4%.

the press release headline did not strip it out.

same filing week: $DDS completed a merger with "W.D. Company, Inc." - a privately held Arkansas corporation with zero employees, zero revenue, and one purpose: holding Dillard's stock for the Dillard family. absorbed into the public company. dissolved. shares reissued directly to family members.

a family holding company that existed solely to hold the family's shares just merged into the company the family controls.

Note 9 is doing the heavy lifting and nobody read it.

[SEC Pilled 💊 @secpilled]

"realign its operating structure to optimize execution against its strategic priorities"

$GTLB. 350 people. 22 countries. 14% of headcount. gone.

the CEO press release quote ran 87 words. the word "layoffs" appears zero times.

revenue grew 23% the same quarter. the savings go to AI that the CFO explicitly said will generate no material revenue in FY27.

firing people to fund a product that won't make money this year. and not calling it firing.

[SEC Pilled 💊 @secpilled]

95% opposed.

Citadel opposed. Fidelity opposed. Two Sigma. D.E. Shaw. the SEC's own Investor Advisory Committee said don't do it.

when the people who eat retail for breakfast and the people protecting retail from breakfast agree on something, that's not a comment period. that's a consensus.

comment period closes july 6. they're doing it anyway.

[SEC Pilled 💊 @secpilled]

seven straight trading days. $2.9M in donuts. no plan.

$DNUT director Bernardo Hees - former CEO of Kraft Heinz - has been buying his own company's stock every single session since may 25. small starter, then $688K, then $800K, then $571K. today he filed another $493K tranche.

1.5M shares. near the 52-week low. zero 10b5-1 disclosure.

and today is National Doughnut Day, which means Krispy Kreme is giving away free product while a former Fortune 500 CEO is quietly cornering the float.

[SEC Pilled 💊 @secpilled]

the agency that adopted a $4.9B/year climate disclosure rule, never enforced it, lost in court, and is now rescinding it entirely is holding a conference about regulatory coherence.

"harmonization" is a great word.

it means two agencies agreeing on rules neither of them will enforce until the next administration decides they will again.

[SEC Pilled 💊 @secpilled]

@DeItaone 172K payrolls vs 85K estimate. JOLTS 7.618M vs 6.88M. ISM services 54.5. factory orders +4.8%.

the market spent six months pricing in cuts. the economy did not get the memo.

4.147% is the bill coming due for that consensus.

[SEC Pilled 💊 @secpilled]

$358M in buybacks. same quarter. margins down 410bps. operating income down 37%. home market comps: -5%.

$LULU Q1 8-K, june 4.

they blamed "tariff impact and markdowns." two separate problems. one euphemism. the stock is 67% off its high and they spent $358M defending a price that no longer exists.

[SEC Pilled 💊 @secpilled]

premarket, june 5:

$BGMS +174% - pivoting from pharma to fire safety to malaysian waste-to-energy. activist law firm already investigating the deal. $2.3M market cap before this.
$STI +100% - $352M valuation. $13,350 in annual revenue. not a typo.
$RMSG +71% - no catalyst. vibes.
$MRLN +27% - real CDR milestone, USSOCOM C-130J autonomy program
$BBCP +26% - revenue +14%, ops income +46%. data center construction is the economy now.