I investigate the market-wide and firm-specific information-disclosure behavior. Using letters to shareholders from Standard & Poors (S&P) 500 Index’s financial institutions, I find more than half of the sampled managers’ letters to shareholders in 2007 disclosed crisis information, immediately prior to the 2008 crisis. This paper documents a negative reporting-strategy relationship between the firm-specific information of past positive earnings performance expression and market-wide information about the financial crisis. Further findings reveal that the managers’ conditional probability of disclosing their outlook of the imminent crisis increased with future negative earnings changes, supporting the position that the letters to shareholders conveyed market-wide information as a “warning bell” prior to the crisis.