Exercise-bicycle company Peloton Interactive voluntarily disclosed material weaknesses in its financial reporting controls when the company filed for an initial public offering last week. Going public with serious holes in controls, however, is more common than investors may realise.

A MarketWatch analysis of SEC filing data provided by research firm Audit Analytics shows 100 IPO filings in 2019 by companies that use a Big Four audit firm — Deloitte, Ernst & Young, PwC or KPMG. Analysis of S-1 disclosures for those companies found 20 that have voluntarily disclosed serious issues with internal controls over accounting, financial reporting and the systems.