SEC What Changed: 10-K Filing Snapshot for 16 June 2026

A ranked snapshot of 10-K language changes for companies that filed annual reports on 16 June 2026.

Desk:

SEC What Changed: 10-K Filing Snapshot for 16 June 2026

Two companies met our criteria from the three 10-K annual reports filed with the SEC on 16 June 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison. A prior-year filing was not available for Terra Innovatum Global N.V. (2067627), so it is excluded from the ranking.

Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Academic research suggests that lower-scoring companies warrant closer attention from investors — those that make significant changes to their filings have historically underperformed, while stable-language filers have earned positive abnormal returns.

Key Takeaways

  • Sonoma Pharmaceuticals, Inc. (Medium) — Sonoma is leaning into consumer expansion, but the bigger near-term issue is rising Nasdaq and dilution risk.
  • LA-Z-BOY INC (Medium) — La-Z-Boy is signaling more formal cybersecurity governance, but not a broader strategic shift in the business.

Ranking Table

RankCompanyCIKFull Filing SimilarityBusiness SimilarityRisk Factors SimilarityMD&A SimilarityMost Changed SectionAssessment
1Sonoma Pharmaceuticals, Inc.13670830.9850.9950.9980.999Businessmedium
2LA-Z-BOY INC571310.9970.990.9960.997Businessmedium

Sonoma Pharmaceuticals, Inc. (1367083)

Rank1
Lowest similarity sectionBusiness
Assessmentmedium
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

Sonoma’s business section now highlights a push into consumer markets as part of its revenue growth story, which is a more specific growth signal than last year’s broader distribution language. The filing also adds a sharper Nasdaq warning tied to a proposed minimum market value rule, alongside a larger pool of outstanding and available options that increases dilution risk. Overall, the company is still framing itself as a growth story, but the listing and dilution disclosures are more prominent.

Main Changes

  • The Business update now says revenue growth came from "continued expansion into consumer markets," whereas the prior filing only described broader distribution, customer growth and new products.
  • The company added a new disclosure that it is subject to a possible Nasdaq rule change requiring a minimum Market Value of Listed Securities of $5 million, with potential "immediate suspension and delisting without a compliance period" if adopted and not met.
  • The equity dilution risk was updated with current figures: options outstanding rose to 129,163 shares from 73,081, and shares available for future grants increased to 82,290 from 14,670.
  • The filing also replaced Item 6 "Selected Financial Data" with "[Reserved]," signaling less emphasis on that historical summary table.

Watch Items

  • Consumer-market expansion suggests management is leaning harder into a broader commercial channel, which could support growth but may require more marketing and distribution spend.
  • The new Nasdaq rule warning raises the stakes for listing compliance and could increase delisting risk if the stock remains under pressure.
  • Higher option overhang means more potential dilution, which can weigh on per-share value and future capital raises.

Important Filing Changes

2025 filing excerpt – Business

The websites and any information contained therein or connected thereto is not intended to be incorporated into this report. Overview We are a global healthcare leader for developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care and non-toxic disinfectants. Our products are clinically proven to reduce itch, pain, scarring, and irritation safely and without damaging healthy tissue.

2026 filing excerpt – Business

The websites and any information contained therein or connected thereto is not intended to be incorporated into this report. Overview We are a global healthcare leader for developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, dermatological conditions, podiatry, animal health care and non-toxic disinfectants. Our products are clinically proven to reduce itch, pain, scarring, and irritation safely and without damaging healthy tissue.

2025 filing excerpt – Business

Business Update Over the past year, we have continued our focus on increasing revenues and continuing progress towards profitability. During our most recent fiscal year, our revenues have grown as a result of continued expansion of our distribution network and customer base, the introduction of new products into multiple markets around the world, as well as organic growth from existing customers and distributors. We have also focused on expanding and strengthening our regulatory reach by seeking new approvals and clearances.

2026 filing excerpt – Business

Business Update Over the past year, we have continued our focus on increasing revenues and continuing progress towards profitability. During our most recent fiscal year, our revenues have grown as a result of continued expansion of our distribution network and customer base including increasing expansion into consumer markets, the introduction of new products into multiple markets around the world, as well as organic growth from existing customers and distributors. We have also focused on expanding and strengthening our regulatory reach by seeking new approvals and clearances.

2025 filing excerpt – Risk Factors

These matters raise substantial doubt about our ability to continue as a going concern or become profitable. We depend on third party distributors and intend to continue to license or collaborate with third parties in various potential markets, and events involving these strategic partners or any future collaboration could delay or prevent us from developing or commercializing products. Our business strategy and our short- and long-term operating results depend in part on our ability to execute on existing strategic collaborations and to license or partner with new strategic partners.

2026 filing excerpt – Risk Factors

Risk Factors Risks Related to Our Business We depend on third party distributors and intend to continue to license or collaborate with third parties in various potential markets, and events involving these strategic partners or any future collaboration could delay or prevent us from developing or commercializing products. Our business strategy and our short- and long-term operating results depend in part on our ability to execute on existing strategic collaborations and to license or partner with new strategic partners.

LA-Z-BOY INC (57131)

Rank2
Lowest similarity sectionBusiness
Assessmentmedium
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

La-Z-Boy strengthened its cybersecurity disclosure by naming a Chief Information Security Officer and spelling out that the CISO reports to the CIO and helps run the security program. It also clarified how cybersecurity issues flow to management and the Audit Committee, which signals tighter oversight rather than a change in the company’s core business. The rest of the business section appears largely unchanged aside from routine updates such as fiscal-year references and page numbering.

Main Changes

  • The company added that it has appointed a Chief Information Security Officer, who "reports directly to the CIO" and is responsible for the development, operation, and maintenance of the information security program.
  • The cybersecurity governance description now says the CIO has oversight of cybersecurity strategy, while the CISO supports incident response coordination, risk management activities, and ongoing monitoring of the IT environment.
  • The board reporting language was expanded to say the CIO and CISO report to the Audit Committee on cybersecurity risks and internal controls at least annually and attend quarterly committee meetings.

Watch Items

  • A dedicated CISO can be a positive governance step, especially for a consumer brand with broad operational and data exposure.
  • Investors should monitor whether the enhanced oversight translates into fewer security disclosures or better resilience if an incident occurs.

Important Filing Changes

2025 filing excerpt – Business

We are the leading global producer of reclining chairs and one of the largest manufacturers/distributors of residential furniture in the United States . The La-Z-Boy Furniture Galleries ® stores retail network is the third largest retailer of single-branded furniture in the United States . We manufacture, market, import, export, distribute and retail upholstery furniture products under the La-Z-Boy ® , England, Kincaid ® , and Joybird ® tradenames.

2026 filing excerpt – Business

We are the leading global producer of reclining chairs and one of the largest manufacturers/distributors of residential furniture in the United States . The La-Z-Boy Stores retail network is the second largest retailer of single-branded furniture in the United States . We manufacture, market, import, export, distribute and retail upholstery furniture products under the La-Z-Boy ® , England, and Joybird ® tradenames.

2025 filing excerpt – Business

The La-Z-Boy Furniture Galleries ® stores retail network is the third largest retailer of single-branded furniture in the United States . We manufacture, market, import, export, distribute and retail upholstery furniture products under the La-Z-Boy ® , England, Kincaid ® , and Joybird ® tradenames. In addition, we import, distribute and retail accessories and casegoods (wood) furniture products under the Kincaid ® , American Drew ® , Hammary ® , and Joybird ® tradenames.

2026 filing excerpt – Business

The La-Z-Boy Stores retail network is the second largest retailer of single-branded furniture in the United States . We manufacture, market, import, export, distribute and retail upholstery furniture products under the La-Z-Boy ® , England, and Joybird ® tradenames. In addition, we import, distribute and retail accessories and casegoods (wood) furniture products under the Hammary ® and Joybird ® tradenames.

2025 filing excerpt – Risk Factors

Specific controls that are used to some extent by the Company include endpoint threat detection and response (EDR), identity and access management (IAM), privileged access management (PAM), logging and monitoring involving the use of security information and event management (SIEM), multi-factor authentication (MFA), firewalls and intrusion detection and prevention, and vulnerability and patch management. Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] The Chief Information Officer ("CIO") is the management position with primary oversight responsibility for the team responsible for the development, operation, and maintenance of our information security program. Pursuant to the Company’s written IRP, the CIO is a member of the executive incident response team and severity…

2026 filing excerpt – Risk Factors

Specific controls that are used to some extent by the Company include endpoint threat detection and response (EDR), identity and access management (IAM), privileged access management (PAM), logging and monitoring involving the use of security information and event management (SIEM), multi-factor authentication (MFA), firewalls and intrusion detection and prevention, and vulnerability and patch management. Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] The Chief Information Officer (“CIO”) has management oversight responsibility for the Company’s information security program and cybersecurity strategy. The Company has appointed a Chief Information Security Officer (“CISO”), who reports directly to the CIO and is responsible for the development, operation, and maintenance of the Company’s information security program, including implementation of security policies, incident response coordination, risk management activities, and ongoing monitoring of the Company’s information technology environment.

Why Filing Changes Matter

Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.

Research disclaimer

This material is provided for research and educational purposes only. It is not investment advice, a recommendation, or an offer to buy or sell any security or strategy.

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