Terms of Service

⚠ Important Disclaimer

FilingDrift is a linguistic analysis tool. It is NOT investment advice. Nothing on this website constitutes a recommendation to buy, sell, or hold any security. All scores and signals are derived from automated analysis of public SEC filings. Past detection of distress events does not guarantee future performance or accuracy.

You should not make investment decisions based solely on FilingDrift scores. Always consult a qualified financial advisor.

1. Acceptance of Terms

By accessing or using FilingDrift (the "Service"), you agree to be bound by these Terms of Service ("Terms"). The Service is operated by Latent Systems SAS, a French SAS.

If you do not agree to these Terms, do not use the Service.

2. Description of Service

FilingDrift provides automated analysis of publicly available SEC annual and quarterly filings (Form 10-K and Form 10-Q) from the U.S. Securities and Exchange Commission's EDGAR database. The Service computes linguistic anomaly scores based on changes in filing language between consecutive periods, normalized across the whole corpus of tracked companies.

The Service does not provide: stock picks, price targets, investment recommendations, or financial advice of any kind.

3. Not Investment Advice

The scores, signals, and analysis provided by FilingDrift are for informational and research purposes only. They do not constitute investment advice, financial advice, trading advice, or any other type of advice.

Latent Systems SAS is not registered as an investment adviser in France, the European Union, the United States (including with the SEC under the Investment Advisers Act of 1940), or any other jurisdiction. We do not believe the Service constitutes investment advice, investment research, or a financial instrument requiring authorization under the AMF (Autorité des marchés financiers), MiFID II, or any other applicable financial regulatory framework. Nothing on this site is personalized to the individual circumstances of any user.

Past results (including the detection of historical distress events) do not guarantee future accuracy. Corporate filings can be incomplete, misleading, or subject to revision. Scores may not reflect actual financial condition.

The Service is a bona fide publication of general and regular circulation. It does not provide personalized investment advice tailored to the individual circumstances of any user.

4. Acceptable Use

You may use the Service for personal research, academic analysis, or professional due diligence, subject to these Terms. You may not:

• Reproduce or redistribute the Service's data or scores for commercial purposes without written permission
• Use automated tools (bots, scrapers) to extract data at scale
• Attempt to reverse-engineer the scoring algorithm
• Use the Service in any way that violates applicable law

5. Data Sources

All filing data is sourced from SEC EDGAR (sec.gov/edgar), which is a public U.S. government database. Use of EDGAR data is subject to the SEC's terms and policies. Latent Systems SAS makes no warranty as to the accuracy, completeness, or timeliness of EDGAR data.

6. Right to Modify the Service and Methodology

Latent Systems SAS reserves the right, at its sole discretion, to make the following changes. Different notice requirements apply depending on the nature of the change:

No advance notice required:

• Change, update, or revise the scoring methodology, algorithms, or models used to compute distress scores
• Add, remove, or change the companies and filings covered by the Service
• Correct or revise historical scores — scores published in the past may change as the methodology evolves
• Modify or discontinue individual features
• Adjust pricing for new subscribers

30 days' written notice to active subscribers:

• Price increases on existing subscriptions. We will notify you at least 30 days before a price increase applies to your active subscription. You may cancel before the new price takes effect without penalty, and no increased charge will be applied during the notice period.
• Permanent discontinuation of the Service. Where reasonably possible, we will provide at least 30 days' notice before permanently shutting down the Service. In the event of a permanent shutdown, we will issue prorated refunds for any unused portion of prepaid subscription periods.

Data portability on termination:

If the Service is permanently discontinued, we will make reasonable efforts to provide subscribers with an export of their account data (watchlist, alert settings, and score history for watched tickers) in a standard machine-readable format, for a period of at least 30 days following the discontinuation notice.

Scores, rankings, and signals are the output of an evolving analytical system. You should not rely on the continued availability, stability, or consistency of any specific output over time.

7. Limitation of Liability

To the maximum extent permitted by applicable law, Latent Systems SAS shall not be liable for any loss or damage (direct, indirect, incidental, consequential, or otherwise) arising from:

• Reliance on any score, signal, or analysis provided by the Service
• Investment decisions made based on the Service, including losses incurred in securities markets
• Market outcomes — including losses, missed gains, or price movements — following a FilingDrift signal or alert
• Changes to scores, methodology, or coverage that alter or invalidate a previously published signal
• Errors, omissions, or inaccuracies in the data
• Service interruptions or downtime

You expressly acknowledge that market outcomes depend on factors entirely outside the scope and control of FilingDrift, and that no linguistic analysis tool can guarantee predictive accuracy. Using FilingDrift as the sole or primary basis for investment decisions is done entirely at your own risk.

8. Limitation of Amount

To the maximum extent permitted by applicable law, the total cumulative liability of Latent Systems SAS and its founders, employees, and contractors arising out of or related to these Terms, the Service, or any use thereof — whether in contract, tort (including negligence), strict liability, or otherwise — shall not exceed the greater of:

• (a) the total fees paid by you to Latent Systems SAS in the twelve (12) months immediately preceding the event giving rise to the claim; or
• (b) one hundred euros (€100).

If you are a consumer under applicable French or EU law, statutory protections may apply that limit the enforceability of this cap. Nothing in this section limits liability for fraud, wilful misconduct, or death or personal injury caused by negligence.

9. API Use Restrictions

Access to the FilingDrift API is subject to the following restrictions in addition to all other terms:

• No automated trading triggers. API scores and responses must not be used to directly and automatically trigger buy, sell, or short orders in any security without meaningful human review of the decision. The API is a data feed, not a trading signal.
• No sole reliance. API scores must not be the sole or primary basis for any investment decision. They are one data input to be used alongside independent analysis.
• Downstream disclaimer obligation. Any application, product, or service built on the FilingDrift API that surfaces scores or signals to end users must display a prominent disclaimer that the data is not investment advice and does not constitute a recommendation to buy or sell any security.
• No resale without permission. Raw API data may not be redistributed, resold, or sublicensed to third parties without prior written consent from Latent Systems SAS.

These restrictions apply in addition to any institutional subscriber agreement entered into separately. Breach of these restrictions may result in immediate termination of API access.

10. No Positions — Editorial Independence

Latent Systems SAS, its founders, employees, and contractors do not hold, and will not initiate, short or long positions in any publicly traded security that appears in a company-specific research post on FilingDrift, during the period from 30 days before to 30 days after the publication date.

Scores and research published on FilingDrift are derived solely from automated analysis of public SEC filings. They are not influenced by any financial interest, compensation arrangement, or relationship with the companies analyzed. No company pays FilingDrift to be included in, removed from, or scored differently within the Service.

FilingDrift does not accept payment, advertising, or other consideration in exchange for favorable or unfavorable coverage of any company.

11. EU Right of Withdrawal — Waiver for Digital Content

If you are a consumer located in the European Union, you generally have the right to withdraw from a distance contract within 14 days without giving any reason (EU Consumer Rights Directive 2011/83/EU, Art. 9).

However, for digital content delivered immediately upon subscription (such as this Service), the right of withdrawal does not apply once delivery has begun, provided the consumer has given prior express consent and acknowledged that the right of withdrawal is lost as a result.

By subscribing to any paid plan, you expressly request that we begin providing the Service immediately, and you acknowledge that you thereby lose your right of withdrawal under EU law once access to the Service has been provided. This acknowledgement is recorded at the time of checkout.

This waiver does not affect your right to cancel a recurring subscription at any time going forward via your account settings. It applies only to the 14-day cooling-off period for the initial subscription transaction.

12. Governing Law

These Terms are governed by the laws of France. Any dispute shall be subject to the exclusive jurisdiction of the courts of France.

13. Changes to Terms

We may update these Terms at any time. Continued use of the Service after changes constitutes acceptance of the new Terms. We will indicate the last updated date at the top of this page.

14. Contact

Latent Systems SAS
60 rue François 1er, 75008 Paris, France
SIREN 100675743 — VAT FR87100675743
Email: hello@filingdrift.com