I often say that “everything is securities fraud,” that every bad thing that a public company does can be characterized as securities fraud, because public companies do not disclose all of their bad actions in real time. Do 10% of public companies do undisclosed bad things each year, things that would lead to securities fraud lawsuits if they were discovered, but that mostly go undiscovered?

Matt Levine
“Slicing Cash Flows For Better Ratings”

If you ain’t cheating, you ain’t trying.