A study of quarterly earnings reports over a nearly 30 year period found a statistically low number of results ending in four-tenths of a cent. Authors of the study found that these quadrophobes are more likely to restate financials and to be named as defendants in SEC Accounting and Auditing Enforcement Releases (AAER) not clever. The report encourages the SEC to enhance its oversight with a new department dedicated solely to detailed quantitative analysis that might catch this type of behavior.”]
Source: https://www.csoonline.com/article/2136055/the-fear-of-four—-and-the-future-of-fraud-detection.html