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ousvyatsky.bsky.social
@ousvyatsky.bsky.social
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My new piece: $META $15.9 billion tax shock - who else is affected by CAMT and by how much?
Read the full piece: deepquarry.substack.com/p/metas-159-... @fmckenna.bsky.social
Meta's $15.9 billion tax shock: when One Big and Beautiful Bill meets CAMT
Meta's $15.9 billion tax hit reflects Biden-era CAMT tax. Who else is affected?
deepquarry.substack.com
November 12, 2025 at 3:20 PM
Contagion 101 for bank investors: accounting themes rhyme. If one bank restates, others may follow. I identify three banks that had a Big restatement for the same issue - is it a pattern to watch for? @fmckenna.bsky.social

Fresh Eyes, Big Restatements
open.substack.com/pub/deepquar...
Fresh Eyes, Big Restatements
PCAOB’s 2005–2024 data shows companies with Big R restatements were ~3x likelier to have just switched auditors.
open.substack.com
October 28, 2025 at 9:39 PM
ICYMI - As $BTC price slips, would liquidity issues force $MSTR to liquidate part of the holdings, ending its "buy-and-hold-forever" strategy? @fmckenna.bsky.social

Strategy popularized Bitcoin treasuries but the cash to pay for it doesn't grow on the blockchain open.substack.com/pub/deepquar...
Strategy popularized Bitcoin treasuries but the cash to pay for it doesn't grow on the blockchain
Bitcoin treasuries have market and interest rate risk, face earnings volatility from fair-value adjustments, and liquidity is trapped in a volatile asset. Just wait until regulatory scrutiny returns!
open.substack.com
October 16, 2025 at 5:11 PM
New restatements analysis from the PCAOB.

Worth mentioning that most of the uptick in 2024 restatements was related to SEC sanctions on BF Borgers and SEC comment letters scrutiny. @fmckenna.bsky.social

pcaobus.org/resources/st...
Data Points - Financial Restatements and Auditor Turnover
pcaobus.org
October 16, 2025 at 12:59 PM
New update is available!

Why 10-K/As matter: they can be the first place to disclose restatements or control issues. Q3’25: 96 amended 10-Ks, with 25 tied to errors.
My new update is available!@fmckenna.bsky.social

open.substack.com/pub/deepquar...
Red Flags in Amended Annual Reports - Quarterly Update #8
A quarterly review of compliance trends, SEC comment letters, and the complexities of recovery analysis
open.substack.com
October 16, 2025 at 12:39 PM
Reposted by ousvyatsky.bsky.social
bloomberg.com
Wells Fargo shares soared after the firm laid out its first major update of a mid-term profitability target since regulators lifted an asset cap for the bank
Wells Fargo Shares Rally Most Since Trump Won the Election
Wells Fargo & Co. shares soared after the firm laid out its first major update of a mid-term profitability target since regulators lifted an asset cap for the bank.
bloom.bg
October 14, 2025 at 11:00 PM
Interim IRS guidance may lower $MSTR and $COIN tax liability on unrealized bitcoin gains related to fair value adjustments. Our new piece with @fmckenna.bsky.social

Strategy popularized Bitcoin treasuries but the cash to pay for it doesn't grow on the blockchain open.substack.com/pub/deepquar...
Strategy popularized Bitcoin treasuries but the cash to pay for it doesn't grow on the blockchain
Bitcoin treasuries have market and interest rate risk, face earnings volatility from fair-value adjustments, and liquidity is trapped in a volatile asset. Just wait until regulatory scrutiny returns!
open.substack.com
October 10, 2025 at 3:23 PM
My new piece: B. Riley’s Accounting Knot: Material Weaknesses, Big Write-downs, and a Rising Audit Bill open.substack.com/pub/deepquar... @fmckenna.bsky.social
B. Riley’s Accounting Knot: Material Weaknesses, Big Write-downs, and a Rising Audit Bill
B. Riley’s 10-K highlights internal control failures, impairment charges, and a large increase in valuation allowance.
open.substack.com
October 1, 2025 at 1:46 PM
$RILY taps BDO as its new auditor, disclosing that other qualified audit firms provided non-audit services that may pose an independence risk.

Read the full piece:

B. Riley’s Auditor Transition Under Constraints open.substack.com/pub/deepquar...
B. Riley’s Auditor Transition Under Constraints
B. Riley hires BDO as its new auditor, discloses independence-related conflicts with other qualifying firms
open.substack.com
September 16, 2025 at 2:32 PM
More than a third of SEC comment letters on the IPO filings, including those of $CRCL, were released late. @fmckenna.bsky.social

My latest piece: SEC comment letters trends in three charts: fewer releases and longer delays open.substack.com/pub/deepquar...
SEC comment letters trends in three charts: fewer releases and longer delays
What the data shows about oversight shifts and why dissemination lags matter for investors.
open.substack.com
September 9, 2025 at 12:34 PM
Reposted by ousvyatsky.bsky.social
fmckenna.bsky.social
Clawback rule update via @OUsvyatsky.bsky.social.

“…are companies with “BigR” restatements less likely to rely on accounting-based metrics for exec comp?”

I’d ask: Are cos using alt comp metrics more likely to BigR restate because no one cares about GAAP numbers? open.substack.com/pub/deepquar...
SEC Compensation Recovery Rule: Restatements and Related Clawbacks, Quarterly Update # 2
A quarterly review of compliance trends, SEC comment letters, and the complexities of recovery analysis
open.substack.com
August 25, 2025 at 1:35 PM
Reposted by ousvyatsky.bsky.social
theinformation.com
Creator Economy: Newsletter publisher Beehiiv is on track to double its revenue this year as it hones its pitch to recruit writers from Substack, its founder and CEO tells The Information.

Read more from @kyurieff.bsky.social and Akash Pasricha 👇
https://bit.ly/4lC2zVI
How Beehiiv Is Taking on Substack
Newsletter publishers are having a moment again. Beehiiv, a four-year-old competitor to the larger and older Substack, is on pace to double its total revenue this year, to $30 million, CEO and co-foun...
bit.ly
August 19, 2025 at 10:32 PM
What are the most common reasons for NYSE and Nasdaq delisting notices, and why did $RILY need to request a 180-day compliance extension from Nasdaq?

Read my piece to find out: deepquarry.substack.com/p/trends-in-...
Trends in exchange listing deficiency notices: key risk areas for public companies
An analysis of recent Nasdaq and NYSE enforcement patterns, from financial triggers to governance and SPAC-specific concerns.
deepquarry.substack.com
August 17, 2025 at 2:31 PM
In our new piece, @fmckenna.bsky.social and I examine the terms of Musk's 2025 RSU award and explain accounting and legal consequences. Does a legal contingency qualify as a "performance condition," and would recording no compensation expenses now be appropriate?
open.substack.com/pub/deepquar...
Tesla's net $23.7 billion stock grant: legal loopholes, accounting twists, and the Tornetta appeal
A deep dive into the unusual 2025 CEO award, its Nasdaq compliance questions, conflicted board dynamics, and how an appeal could trigger - or erase - billions in compensation.
open.substack.com
August 12, 2025 at 3:33 PM
Reposted by ousvyatsky.bsky.social
fmckenna.bsky.social
open.substack.com/pub/thedig/p... My friend and frequent collaborator @ousvyatsky.bsky.social and I explain it all with a little help from our friends @annmlipton.bsky.social and @montanaskeptic.bsky.social .
Tesla's net $23.7 billion stock grant: legal loopholes, accounting twists, and the Tornetta appeal
A deep dive into the unusual 2025 CEO award, its Nasdaq compliance questions, conflicted board dynamics, and how an appeal could trigger - or erase - billions in compensation.
open.substack.com
August 12, 2025 at 2:51 PM
Even limited disclosures show PCAOB inspections can surface material issues—like control failures and restatements—before they escalate. For investors, that means fewer surprises and stronger reporting. Full data-driven post @ Deep Quarry: open.substack.com/pub/deepquar...
The PCAOB role in safeguarding investors comes into focus amid legislative debate
Several disclosures link PCAOB inspections to the identification of control failures and misstatements, informing the debate over the regulator’s role in protecting investors.
open.substack.com
August 7, 2025 at 2:41 PM
Reposted by ousvyatsky.bsky.social
roninresearch.bsky.social
@ousvyatsky.bsky.social has a new Substack article out worth your time @herbgreenberg.bsky.social @hmeisler.bsky.social
deepquarry.substack.com/p/the-pcaob-...
The PCAOB role in safeguarding investors comes into focus amid legislative debate
Several disclosures link PCAOB inspections to the identification of control failures and misstatements, informing the debate over the regulator’s role in protecting investors.
deepquarry.substack.com
August 6, 2025 at 9:01 PM
Form AP filings rarely make headlines—but they should. Our analysis with @fmckenna.bsky.social finds that missing or incorrect filings may be early signs of deeper audit quality issues. For investors, these “small” red flags could point to bigger risks ahead. deepquarry.substack.com/p/crossing-t...
Crossing t's: Does Form AP quality signal audit quality?
This is a joint data analysis between The Dig and Deep Quarry that looks into the question of whether firms that repeatedly fall down on Form AP signal poor audit quality.
deepquarry.substack.com
July 23, 2025 at 2:24 PM
Reposted by ousvyatsky.bsky.social
fmckenna.bsky.social
Excellent update including proof that the Borgers sham audit mill issues have a long tail.
July 18, 2025 at 9:05 PM
Reposted by ousvyatsky.bsky.social
fmckenna.bsky.social
Companies and auditors love to hide issue in amended 10-Ks. thedig.substack.com/p/watchdog-r...
Watchdog Research: Why Are Companies Using 10-K/As to Disclose Bad News in 2021?
How do companies sneak in bad news hoping the share price doesn't react and why are SPACs doing it so often lately?
thedig.substack.com
July 18, 2025 at 9:08 PM
My new piece: deepquarry.substack.com/p/red-flags-...

401 amended 10-Ks were filed last quarter. Many were routine—but others disclosed:
🔹 Restatements
🔹 Missing clawback policies (Ex. 97)
🔹 Audit opinion replacements (BF Borgers, etc.)
🔹 Internal control failures

@fmckenna.bsky.social
Red Flags in Amended Annual Reports - Quarterly Update #7
Amended annual reports deserve investor's attention because they often deliver bad news.
deepquarry.substack.com
July 18, 2025 at 7:09 PM
Reposted by ousvyatsky.bsky.social
fmckenna.bsky.social
Incredible original reprting on details that are only found in the extensive comment letter discussion and best mined and interpretated by my REAL not AI gal pal @ousvyatsky.bsky.social .
July 10, 2025 at 8:08 PM
My new piece on SEC comments to Coinbase: 500+ days of back-and-forth with the SEC on topics such as $COIN relationship with Circle, revenue recognition practice, and insurance coverage. @fmckenna.bsky.social

Long SEC Reviews Quarterly Update # 6 open.substack.com/pub/deepquar...
Long SEC Reviews Quarterly Update # 6
Long SEC reviews reflect ongoing regulatory concerns over a company’s financial disclosures or accounting practices, signaling potential risks or uncertainties to investors.
open.substack.com
July 10, 2025 at 8:04 PM
Reposted by ousvyatsky.bsky.social
ivanthek.bsky.social
If you think sell side equity research analysts are bad at estimating the impact of foreign currency moves on company earnings, just wait until you see what the impact of tariffs does.
July 8, 2025 at 4:04 PM
Reposted by ousvyatsky.bsky.social
roninresearch.bsky.social
May sound like accounting geekery, but 1st Olga does a great job of explaining things. 2nd,there is an increasing number of companies reporting using non-gaap accounting.Will be important in understanding company fundamentals. @fmckenna.bsky.social @herbgreenberg.bsky.social @hmeisler.bsky.social
 ousvyatsky.bsky.social @ousvyatsky.bsky.social · Jul 1
Are companies allowed to exclude tariff-related costs from their non-GAAP metrics? My new piece:
Tariffs, inventory accounting, and non-GAAP metrics: Tariffs, inventory accounting, and non-GAAP metrics: which non-GAAP metrics are misleading? open.substack.com/pub/deepquar...

@fmckenna.bsky.social
Tariffs, inventory accounting, and non-GAAP metrics: which non-GAAP metrics are misleading?
As companies navigate tariffs-related disclosure challenges, they should be mindful in adjusting for tariffs in their non-GAAP presentations - or risk SEC comments
open.substack.com
July 1, 2025 at 4:58 PM