Footnoted Relaunches Website After Buy-Back


New York, NY –, a well-known financial website used by both retail and professional investors to investigate potential issues buried deep in public companies’ SEC filings, relaunched its website on March 1st after completing a management buy-back from Morningstar in September 2012.  Morningstar acquired from Michelle Leder in 2010.

For more details on the Footnoted buy-back from Morningstar, refer to a previous blog posted on Integrity ResearchWatch

The Value of

The premise of the Footnoted service is made clear by the product’s founder, Michelle Leder, “There are no accidents in SEC filings.  Everything is there for a reason.”  Anything that has been included in a regulatory filing has been actively reviewed by company management and their attorneys to provide sufficient transparency so they don’t incur excess shareholder liability.

Unfortunately, few investors have the experience or patience to pore over the extensive and sometimes complex filings made by public companies.  This is where provides its clearest value to investors, as their team leverages both technology and a team of experienced analysts to filter these filings to help flag hidden opportunities and early signs of potential problems.  Leder and her team build a mosaic based on multiple filings by the same company to provide insight that is typically three to six months ahead of the market.

The footnoted*Pro subscription service is geared primarily to long/short equity hedge funds who are looking for actionable developments buried in a company’s 8-K, 10-K, or 10-Q filings that indicate public companies have unforeseen issues or opportunities which they can profit from.

Enhancements to the New Site

The newly launched site includes a number of enhancements from its previous incarnation.  The most noticeable change is the fact that both Footnoted’s retail (free) and professional (subscription) content are now seamlessly integrated into one site, whereas previously this content was available on two separate sites.

Another one of the main changes to the new site is the inclusion of near real-time “Red Flag Alerts” which go out to subscribers within 24 hours of a filing’s submission.  These alerts highlight what the Footnoted team feel are the most important developments in an SEC filing.  Previously, Footnoted sent out these alerts every Sunday evening.

The third major enhancement to is the enhanced search capability that users can now access.  Now subscribers can search the Footnoted database for everything they have ever written about a particular public company, topic, or keyword.

For example, one of the really interesting topics that Footnoted categorizes all its filings by is called the “Friday Night Dump”.  These are the filings made by public companies in the 90 minutes after the stock market closes on Friday and when the SEC stops accepting filings on that day.

According to Footnoted, approximately 8% of all 8-Ks are filed during the last 90 minutes of the day on a Friday.  And while this is not a red flag in itself, it is often during this period when many public companies send in their filings in the hopes that analysts, investors and journalists will overlook them.  Could this be because these companies have something they wish to bury in their filings?  Some would say so.

Product Deliverables and Commercial Terms

Whereas provides some free content to retail investors, the bulk of its analytical content is geared towards its subscription-based footnoted*Pro service.  Pro users received all the content on its website which includes approximately 5 in-depth research reports on various public companies per month, and 60 to 70 Red Flag Alerts per week depending on the filings calendar.

The annual subscription for footnoted*Pro is $10,000 per user per year, though they firm also has multi-user and enterprise wide pricing available as well.  Subscribers who wish to sign up for a shorter period can do so for $3,000 per quarter.

For more details about the footnoted*Pro service or the commercial terms associated with becoming a subscriber, email or call 855-58-NOTED.



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