Professor case walkthrough
The same filing change can require a different novelty judgment.
Two frozen cases show why the system checks earlier disclosures before calling a change new.
Case A · genuinely new in study sources
Equifax · litigation or regulatory escalation
- 1. Analyst questionDid the new filing introduce a more specific litigation or regulatory exposure?
- 2. What changedThe risk language became more specific in Item 1A.
- 3. Was it disclosed earlier?No matching earlier 8-K or headline was found within the frozen study sources. Classification: genuinely new.
- 4. Why it may matterMore specific legal exposure can change the analyst’s downside scenarios and diligence questions.
- 5. What the evidence does not proveIt does not prove the issue was unknown everywhere, caused later returns, or predicts future risk.
Baseline Item 1A language
No qualifying match found in the bounded corpus
Changed language classified at confidence 0.941
Case B · previously disclosed
Kraft Heinz · debt and refinancing pressure
- 1. Analyst questionDid covenant and refinancing risk become more specific?
- 2. What changedItem 1A added acceleration, covenant breach, waiver, default, and credit-facility access language.
- 3. Was it disclosed earlier?Yes. An intervening 8-K and strictly earlier headline existed. Classification: previously disclosed.
- 4. Why it may matterThe detail may sharpen questions about covenant headroom, waiver status, and financing access.
- 5. What the evidence does not proveIt does not make the issue wholly new, establish distress, or predict a trading outcome.
General refinancing and benchmark-rate risk
8-K and strictly earlier headline anticipated the topic
More specific covenant consequences; confidence 0.947
Why novelty matters
A changed sentence and a new issue are not the same claim.
The check against earlier evidence helps the analyst distinguish first appearance from formalization, repetition, or added detail. Final interpretation remains with the analyst.
Later outcomes remain in the individual frozen evidence packets, below their filing-time evidence. They were not used to select these cases.