So, what now? Does little 'ol Wave from Lee need to file a "Non-Timely Filing" notice, like real soon now?
Per http://www.auditanalytics.com/blog/non-timely-filings-an-overview/:
When a company cannot file a 10-K or 10-Q within the given timeframe, SEC rule 12b-25 requires that the company must use an NT, non-timely, filing. An NT filing is a notice sent from the company stating that the deadline has not been met due to a given reason and that the actual filing will be filed within a specified range of time. An NT 10-Q filing provides an additional five days for the actual 10-Q to be filed. An NT 10-K provides an additional 15 days for actual 10-K to be filed. If these additional deadlines are met, the company is not penalized and the filing is considered timely.
If the deadline is missed, however, consequences may include loss of SEC registration, de-listing from stock exchanges as well as possible legal consequences. And there are other consequences to non-timely filings as well, that an investor or other stakeholder might want to take note of.
Recent research supports the idea that NT 10-Qs have a negative effect on share value, as one might expect. A paper by Bartov, Defond and Konchitchki, for example, presented evidence that late filings are correlated with negative market reactions. Interestingly, the negative share price reaction tended to be more dramatic for NT 10-Q filings, particularly when the reason for the delay was related to accounting issues.
P.S. Yes, I realize that Wave Systems is a so very special company, and it's not bound to the laws of space, time, math and the SEC.
P.P.S. possible reasons for the results delay:
1.) Dog ate them.
2.) Pats were on TV, dammit!
3.) The numbers don't tell the real story on this marvelous company.
4.) F you! We didn't feel like it!
P.P.P.S. Yes, there's the possibility they have a legitimate reason for the delay. They need to barf up a press release and explain it. Today ...
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