Browse All Bounties
TB-2026-0241FailedFinance
Failed badge

Quarterly revenue was restated without disclosure

An analyst's claim that a mid-cap retailer quietly revised two quarters of reported revenue.

Posted by
@ledgerline
Bounty
$12,000
Posted
8 Dec 2025
Claimed
30 Apr 2026

The bountied content

Two quarters of reported revenue were revised downward, and the revision was never announced.

It appears in the filing, in a footnote, with no accompanying statement and no press release.

Read it where it was published — example.org

History

  1. Bounty posted
  2. Challenge filed
  3. Author filed rebuttal
  4. Arbitrator appointed
  5. Verdict: materially misleading — bounty paid
Outcome. The arbitrator found the claim materially misleading: the revision had been disclosed in a filing footnote. The full bounty was paid to the challenger.

One challenge

Case 7-2026@data_review v. @ledgerline

Decided 30 Apr 2026

Arbitrator sided with challenger

The filings

Sign in to open
The challenger filed

The restatement was disclosed only in a footnote, and the claim describes it as undisclosed

  • Challenge argument.pdfDocument · 412 KB
  • Q2 and Q3 filings, marked.pdfDocument · 2.8 MB
  • Revenue comparison.xlsxSpreadsheet · 88 KB
The author replied

A footnote in a filing is disclosure, and the analyst community read it as such

  • Author response.pdfDocument · 306 KB
  • Analyst notes, 4 March.pdfDocument · 1.1 MB
The arbitrators’ opinion

Challenge upheld · unanimous

The opinion runs to a few pages and is open to anyone signed in.

The record of every case is public. The documents behind it open to anyone with an account. Sign in or create one.