For example, this could include jiggering long-term sales contracts to book revenue sooner. The new SEC guidelines for revenue recognition became mandatory for calendar-year filers in the December quarter. Most companies have been scrupulous, but the actual audits probably will shake out some slackers. So if you've been tempted to speculate in stocks of seriously troubled tech companies, you might hold off until their 10Ks are filed. Not filing early isn't itself a bad omen.
Many companies routinely wait.
Others are delayed by accountants' schedules. Still, slowpoke filing ups the odds for surprise. Two thirds of those were filed within three days of the deadline. Hundreds of dot-coms face the April 2 deadline. As they say in Vegas, that's short odds.