Directed Inquiry

Question: Investigate Invariant: Search SEC EDGAR for "Stagwell Inc. Form 10-K Item 103 legal proceedings disclosures 2023-2024". Would definitively establish whether Stagwell discloses any subsidiary litigation, confirming or denying the parent-subsidiary relationship claimed in the inference. Report any findings as factual claims with dates and evidence.

Date: 2026-04-11

Research Findings

The investigation into Stagwell Inc.'s SEC EDGAR filings for Item 103 legal proceedings disclosures in 2023-2024 reveals comprehensive documentation of the company's subsidiary structure and legal affairs, but provides no evidence of any connection to Invariant. Stagwell filed its 2023 10-K on March 6, 2023 and its most recent 2024 10-K on March 11, 2025. The company's Q3 2024 10-Q explicitly states that 'The Company's operating entities are involved in legal proceedings and regulatory inquiries of various types', indicating Stagwell does disclose subsidiary litigation when material. The filings show Stagwell maintains 100% ownership in substantially all its brands with rights to increase ownership of non-wholly owned subsidiaries to 100%. However, despite extensive subsidiary disclosures including entities like Midas OpCo Holdings LLC, The Stagwell Group LLC, and numerous marketing agencies, there is no mention of Invariant in any legal proceedings disclosures or subsidiary listings. This absence of disclosure, combined with SEC Item 103 requirements that companies disclose material legal proceedings involving subsidiaries, suggests no confirmed parent-subsidiary relationship exists between Stagwell and Invariant based on available SEC filings through 2024.

Data Collected

• Entities created: Stagwell Inc, Mark Jeffery Penn, Ryan Greene, Jay Leveton, Frank P. Lanuto, The Stagwell Group LLC, Midas OpCo Holdings LLC, MDC Partners Inc, Stagwell Marketing Group LLC, Stagwell Media LP
• Facts recorded: 8
• Connections mapped: 5
• Web sources consulted: 40

Sources

• Stagwell Inc. Class A Common Stock (STGW) SEC Filings, 10-K Forms, & 10-Q Forms | Nasdaq
• § 229.103 (Item 103) Legal proceedings. - Viewpoint - PwC
• Response Letter
• STGW SEC Filings - Stagwell Inc.- Annual Report, Proxy Statement, Prospectus
• Stagwell Inc
• STGW SEC Filings - STAGWELL INC 10-K, 10-Q, 8-K Forms
• Latest SEC filings for Stagwell Inc. (STGW)
• 17 CFR § 229.103 - (Item 103) Legal proceedings. | Electronic Code of Federal Regulations (e-CFR) | US Law | LII / Legal Information Institute
• EDGAR Filing Documents for 0000876883-23-000010
• Stagwell Inc (Form: 10-K, Received: 03/17/2022 10:14:29)
• Stagwell Inc
• stgw-20221231
• Stagwell Inc STGW on Nasdaq
• STGW SEC Filings - Stagwell Inc.- Annual Report, Proxy Statement, Prospectus
• EDGAR Filing Documents for 0000876883-23-000010
• All SEC EDGAR Filings for STAGWELL INC
• Stagwell Inc. Class A Common Stock (STGW) SEC Filings, 10-K Forms, & 10-Q Forms | Nasdaq
• STGW SEC Filings - STAGWELL INC 10-K, 10-Q, 8-K Forms
• All SEC EDGAR Filings for STAGWELL GROUP LLC
• Stagwell - AnnualReports.com
• stagwell inc.
• Stagwell Inc. (via Public) / Quarterly Report for Quarter Ending September 30, 2024 (Form 10-Q)
• Stagwell Inc. Class A Common Stock (STGW) SEC Filings, 10-K Forms, & 10-Q Forms | Nasdaq
• stgw-20221231
• Stagwell Inc (STGW) 10K Annual Reports & 10Q SEC Filings
• STGW SEC Filings - Stagwell Inc.- Annual Report, Proxy Statement, Prospectus
• Stagwell Inc. - Subsidiaries of the Registrant - EX-21 - March 11, 2024
• Stagwell Inc.: Shareholders Board Members Managers and Company Profile | US85256A1097 | MarketScreener
• Stagwell details AI-driven global marketing business | STGW SEC Filing - Form 10-K
• STGW SEC Filings - STAGWELL INC 10-K, 10-Q, 8-K Forms
• stagwell inc.
• 17 CFR § 229.103 - (Item 103) Legal proceedings. | Electronic Code of Federal Regulations (e-CFR) | US Law | LII / Legal Information Institute
• “Disclosure” in legal proceedings: a recap and some practical guidance
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• Do companies need to disclose that they face litigation? | Krasnoo, Klehm & Falkner LLP
• AS 2505: Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments | PCAOB
• Code of Conduct March 2022
• Stagwell Inc.
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• THE STAGWELL GROUP LLC - Investment Adviser Firm