The U.S. Securities and Exchange Commission’s latest annual enforcement report hints that the agency is shifting its focus away from traditional corporate disclosure statements and looking more closely at the internal financial data that typically comes up during earnings calls. Such data wouldn’t necessarily be part of a company’s formal accounting.

“You’re seeing more cases that are really honed in on the operating metrics and financial goals of the company,” said Gerald Hodgkins, a former associate director of the SEC’s enforcement division. He’s now a partner at Covington & Burling in Washington, D.C., where he specializes in securities litigation and enforcement.

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