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`SEC Filings: Forms You Need To Know
`+ Yin
`
`By ADAM HAYES Updated Jan 18, 2021
`
`C) Ps TABLE OF CONTENTS
`
`The Securities and Exchange Commission (SEC) requires public companies, certain
`company insiders, and broker-dealersto file periodic financial statements and other
`disclosures. Finance professionals and investors rely on SEC filings to make informed
`decisions when evaluating whether to invest in a company. SEC filings can be accessed for
`
`free at EDGAR, the commission's online database.
`
`The SEC wascreated through the Securities Exchange Act of 1934, which wassignedinto
`law by President Franklin D. Roosevelt.’ The act was intendedto help restore investor
`confidencefollowing the stock market crash of 1929. The SEC is an independent
`government agencytasked with protecting investors, maintaining a fair and orderly market,
`and facilitating capital formation. 2
`
`The SECselectively reviews the information it receives to monitor and enhance
`compliance.*Investors study thesefilings to form a view of a company's performance and
`activities. Here are some of the most commonforms that companiesare required to submit
`to the SEC. Understanding how to read SEC filings can be beneficial to investors as they
`perform their due diligence. In this article, we'll discuss thesefilings in greater detail.
`
`KEY TAKEAWAYS
`
`e SEC filings are important regulatory documents required ofall public companies to
`provide key information to investors or potential investors.
`e The public can review SEC filings by visiting the commission's online database,
`EDGAR.
`
`e Registration statements are required when a companyinitially sells shares to the
`public. 4
`
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`1/10
`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 1
`Joining Petitioner: Apotex
`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 1
`
`

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`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 2
`
`

`

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`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 3
`
`

`

`1/20/2021
`
`SECFilings: Forms You Need To Know
`
`In addition to the quantitative approach to fundamental analysis, readers of a 10-K should
`also pay attention to its "Item 1", which explains what the company does, whoits customers
`are, and the primary industry in whichit operates. ® Then, lookfor risk factors such as legal
`proceedings or statementsindicating future chargesorvolatility.
`
`Also, pay attention to any footnotesthat are included in the report. These noteswill tell you
`
`which accounting method a companyuses and howit comparesto the generally accepted
`accounting method andindustry standards. This information can flag potentially shady
`accounting practices. Other details mentioned in the footnotes include errors in previous
`accounting statements, looming legal cases in which the company is involved, and details of
`any synthetic leases. These disclosures foundin the footnotes are of the utmost importance
`to investors with an interest in the company's operations.
`
`Asan investor, pay special attention to any footnotes in Form 10-K, as they can
`help you flag any questionable accounting practices in the company you are
`considering.
`
`Chairman or CEO, and a summaryoverview ofthe financials. The 10-K is a longer, more
`thorough technical documentthatwill have all of the company's financial statements
`available for fundamental analysis. Fundamental analysis is a common wayto evaluate a
`
`firm by constructing ratios and other metrics by extracting information from the balance
`sheet, income statement, and statement of cash flows. For stocks, fundamental analysis
`looks to revenues, earnings, future growth, return on equity (ROE), profit margins, and equity
`multiples to determine a company's underlying value and potential for future growth. For
`corporate bonds, liquidity, leverage, and solvency ratios would be appropriate.
`
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`
`Form 10-Q
`Form 10-Q is a truncated version of Form 10-Kthatis filed quarterly. The form provides a
`view of the company's ongoing financial condition throughout the year. The Form 10-Q must
`be filed for the first three quarters of the company's fiscal year. The deadlineto file is within
`40 days from the endof the quarter. Unlike Form 10-K, the financial statements in Form 10-Q
`are unaudited, and the information requiredis less detailed. °
`
`Why Form 10-Q Is Important to Investors
`The 10-Q is importantsinceit is updated quarterly, while the more comprehensive 10-K is
`only filed once a year. This allows investors to update their valuation metrics and financial
`ratios without as much ofa lag. Investors can use the 10-Q to observe any changesthat may
`be taking place within the corporation even beforeit files its annual report.
`
`Someareasofinterest to investors that are commonlyvisible in the 10-Q include changesto
`working capital and/or accounts receivables, factors affecting a company's inventory, share
`buybacks, and even anylegal risks that a company faces. You can use a close competitor's
`10-Q as a comparison company to put side-by-side the company youare considering to see
`
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`4/10
`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 4
`Joining Petitioner: Apotex
`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 4
`
`

`

`1/20/2021
`
`SECFilings: Forms You Need To Know
`
`howit's performing on a relative basis. This will give you a broader idea of whether your
`investment is a strong choice, where its weaknessesare, and howit could stand to improve.
`
`Form 8-K
`The Form 8-K is what a company usesto disclose major developments that occur between
`filings of the Form 10-K or Form 10-Q. Major companyevents that would necessitate the
`
`filing of a Form 8-K include bankruptcies or receiverships, material impairments, completion
`
`of acquisition or disposition of assets, or departures or appointments of executives. 1°
`
`Why Form 8-K Is Important to Investors
`Form 8-K provides investors with timely notification of significant changes at a company.
`Many of these changesare defined explicitly by the SEC (such as a merger or acquisition),
`while others are simply events thatfirms consider to be sufficiently noteworthy forits
`shareholders (such as a new product release or upgrade). Either way, the 8-K provides a
`wayfor firms to communicate directly with investors in a waythatis notfiltered or altered by
`media organizationsor sell-side analysts.
`
`Form 8-K also provides a valuable record for financial research and analysis. For example,
`an analyst may wonder whatinfluence certain corporate events have on stockprices. It is
`possible to estimate the impact of these events using statistical techniques like regressions,
`but researchers need reliable data. Because 8-K disclosures are legally standardized and
`must be honest and accurate, they provide a complete record and prevent sample selection
`bias.
`
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`
`Whya Proxy Statementis Important to Investors
`Public companies hold annual meetings where shareholders convene to vote on various
`corporate actions or for new membersto the board of directors. Owning commonstockin a
`company gives you a vote (usually one vote per share), butit is not typically feasible to
`attend the annual meeting. The proxy statementallows you to cast your votes using a
`designated person, whowill aggregate votes and cast them on your behalf. This person is
`knownas a proxy and will cast a proxy vote in line with the shareholder's directions as
`written on their proxy card. Proxy votes may be cast by mail, phone, or online before the
`cutoff time. This deadline is usually 24 hours before the shareholder meeting commences.
`Vote responseswill typically include "For," "Against," "Abstain," or "Not Voted."
`
`Proxy Statement
`In the proxy statement, investors can view the salaries of the management of a company and
`any other perks that a company's management is eligible for. The proxy statementis
`presented prior to the shareholder meeting and mustbefiled with the SEC beforesoliciting a
`shareholdervote on the election of directors and approvalof other corporate actions. ®
`
`The proxy statementwill therefore present the items that will be voted on and allow you to
`
`return a form to the companyto inform your proxy how your votes should be cast.
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`5/10
`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 5
`Joining Petitioner: Apotex
`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 5
`
`

`

`1/20/2021
`
`SECFilings: Forms You Need To Know
`
`Forms 3, 4, and 5
`Corporate insiders mustfile Forms 3, 4, and 5. The SEC defines a corporate insider as "a
`company's officers and directors, and any beneficial owners of more than ten percent of a
`class of the company's equity securities registered under Section 12 of the Securities
`Exchange Act of 1934." These forms are meantto reveal more information about the
`securities that companyinsiders own. ''
`
`e Form3is the initial filing and discloses ownership amounts.
`e Form4identifies changes in ownership.
`e Form 5 is an annual summary of Form 4 and includes any information that should have
`been reported. "
`
`Why Forms3, 4, and 5 Are Important to Investors
`If you're an investor, it pays to know what the company's owners and mostimportant
`shareholders(i.e., insiders) are doing. By watchingthe trading activity of
`
`corporate insiders and large institutional investors, it's easier to get a sense of a stock's
`prospects. While insider or institutional ownership on its own is not necessarily a buy orsell
`signal, it certainly offers a handyfirst screen in the search for a good investment. Since
`insider ownership and trading can impact share prices, Forms3, 4, and 5 are useful
`disclosures
`
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`By paying close attention to what insiders do with their company shares, savvy investors can
`make the reasonable assumption they knowa lot more about their company's prospects than
`the rest of us outsiders. So, if insiders are buying shares in their own companies, they might
`know something that normal investors do not. The insider might buy because they see great
`
`potential, the possibility for merger or acquisition in the future, or simply because they think
`their stock is undervalued.
`
`
`Oneof the greatestinvestors ofall time, Peter Lynch, once said, "insiders mightsell their
`shares for any number of reasons, but they buy them for only one: theythink the price will
`rise." Note that insiders are usually prevented from buying and selling their company stock
`within a six-month period following a corporate event or newissue; therefore, insiders tend to
`buy stocks when they feel the companywill perform well over the long-term.
`
`You can also have too muchinsider ownership. When insiders gain corporate
`control, management maynotfeel responsible to shareholders andinstead try to
`enrich only themselves.
`
`Schedule 13D
`The Schedule 13D is also knownasthe "beneficial ownership report" and is required when
`any owner acquires 5% or more of the voting shares in a company. The report mustbefiled
`within 10 days of reaching the 5% threshold. It provides the following information:
`
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`6/10
`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 6
`Joining Petitioner: Apotex
`
`Mylan Exhibit 1081
`Mylan v. Regeneron, IPR2021-00880
`Page 6
`
`

`

`1/20/2021
`
`SECFilings: Forms You Need To Know
`
`e The acquirer's name, address, and other background information
`e Type of relationship this owner has with the company
`e Whether the person has been convicted of a crime in the pastfive years
`e An explanation of why the transaction is taking place
`e The type andclassof the security
`¢ The origin of funds used for purchases ‘2
`
`Why Schedule 13D is Important to Investors
`Section 13D was added to the Securities Exchange Act of 1934 as part of a 1968
`amendment knownasthe Williams Act. This addition respondedto the increasing use
`of tender offers as part of corporate takeovers. Schedule 13D was designed to give
`individual investors warning of impending changesto corporate control that could impact the
`future of the company, which would result from the consolidation of voting power
`by corporate raiders.
`
`Investors use Schedule 13D to both detect red flags in the consolidation of insider ownership
`that can be potentially harmful to individual shareholders, but also as a possible harbinger of
`a companybeing acquired or boughtout, which could benefit shareholders.
`
`Form 144
`
`Form 144 is required when corporate insiders want to dispose of companystock. Form 144
`
`is a notice of the intent to sell restricted stock, typically acquired by insiders oraffiliates in a
`transaction not involving a public offering. The stock is restricted because it must meet
`certain conditions before becoming transferable. The transaction, or at least part ofit, is
`made within 90 daysoffiling. Form 144 is required when the amount sold during any three-
`month period exceeds 5,000 shares or $50,000. '%
`
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`Why Form 144 Is Important to Investors
`While investors can look to Forms 3, 4, and 5 for changesin insider ownership, Form 144 is
`useful for knowing how manypotential shareswill be offered for sale on the open market
`after the lock-up period for a new issue, such as an IPO, expires. Form 144 can indicate how
`mucha stock price might suffer if a flood of new sale orders enter the market when the lock-
`up ends.
`
`Underwriters and regulators require that a company's executives, managers, employee

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