Independent investment research focused on public company interactions with the SEC, since 2000. Formerly
@probesreporter
.
@JohnPGavin
, CFA, publisher.
SEC investigation of $AMC confirmed on 22-Aug-2022. Timing of SEC responses to us suggests management may have known about an SEC probe since at least Jun-2022. This was well before the first $APE-related announcement, dated 04-Aug-2022. (Published for clients on 31-Aug-2022).
Did someone tell you they know *why* $AMC is involved in an undisclosed SEC investigation?
We've been at this for over 20 years. We don't know. The government isn't saying. Neither is the company, but they could if they wanted.
Be careful of anyone telling you otherwise.
Below is what happens when people who don't have 20+ years experience making FOIA requests to the SEC give you their amateur interpretation on a response letter.
That text highlighted below? It's boiler plate, included in every SEC response of this type. $SAVA
@probesreporter
Yeah so about that $sava SEC investigation is “over with no action” talking point of the Dupes. I got a copy of that response to
@probesreporter
and it reads to me like they are passing their evidence over to DOJ who have “substantial interest”👍.
This headline on $SAVA is misleading. The SEC “officially clears” no one when it ends one of its investigations. The agency even tells a party under investigation that its termination implies no such thing. Copy of a real termination letter here -
Hey $SAVA fans - or any new followers:
Would you like me to do an AMA on SEC stuff? Too tired tonight, but maybe tomorrow evening, or later in the week? Could be fun.
A letter from
@HedgeyeREITs
on Medical Properties Trust $MPW
"We at Hedgeye must address misconceptions and the erroneous allegations published by third-parties resulting from our coverage and research related to Medical Properties Trust."
Today B Riley announced an extension under its existing credit agreement with Nomura.
Yet the related 8-K remains silent on that pesky SEC investigation we've been tracking at $RILY, since Jan-2024.
Makes you wonder: Does Nomura know about it?
If you think people had strong reactions to our warning today on $AMC, you should see the fireworks that fly when we warn on a high-dividend stock owned by a bunch of retirees who placed their faith in a charismatic CEO.
Anytime we warn of an undisclosed SEC investigation at a company, including $AMC, here is the question we routinely recommend investors ask --
"What contact has your company had, if any, with the SEC's Division of Enforcement in the past two years?"
The best answer? None.
To all our new $AMC fans, and anyone else who discovered us today, we wrote up a few things from our 20+ years of following SEC stuff that you might find helpful.
“Your Favorite Company may have an Undisclosed SEC Probe. Now what?” $APE
To all our new $SAVA fans, and anyone else who's recently discovered us - Did you know you can get some of the same research our Wall Street clients get, for free? We're doing this to grow awareness of "DI". Sign-up here for free
Happy to help. This is an excerpt from our SEC Investigation Update report sent to clients in March.
It shows we found undisclosed SEC investigative activity at $RILY, which was confirmed as ongoing, as of 16-Mar-2024.
@probesreporter
@direports
Any chance you decide to share the $rily data that you said confirmed the SEC investigation in March? Nate & Marc keep alluding to it, & I know you have a biz to run, but just curious if you could share. Could be a turning point. I couldn't find any details on SEC FOIA site. Thx
SEC comment letters are online for free, since 2004, largely due to DI's
@JohnPGavin
early efforts using the FOIA to get them.
Fair to say, not many on Wall Street have seen and analyzed as many as we have.
Here's our quick take on this $MPW SEC letter:
-> It's. Really. Bad.
On 08-Feb-2024, we sent clients a warning on B Riley $RILY. We know an SEC investigation ended in Jan-2024; another appears to be ongoing.
Due to high interest, on Thursday morning we will send that report to those on our free email list. Sign up here
We got our first indication of a possible SEC investigation at $TRUP in Oct-2023. We confirmed those enforcement proceedings were ongoing, as of Dec-2023.
Those on our *free* email list found out about it when we sent them this in early Jan-2024.
For our new $SAVA fans, keep the following in mind -
- We don't care what a company makes, sells, or does.
- We don't care who loves or hates it.
- We never - ever - short the companies we write on.
- We've been analyzing public company interactions with the SEC for 20+ years.
Not good $TRUP. Your 15-Feb earnings report disclosed two material weaknesses in internal controls and appeared to signal the 10-K may be delayed as a result.
Yet you chose to stay silent about that pesky SEC investigation we’ve been tracking since 03-Oct-2023? Troubling.
The better question is when is $MPW going to tell investors about the SEC investigation we've been tracking since Feb-2022, and have warned on repeatedly since?
1/ Cassava Sciences: No new data, some thoughts on SEC procedure --
Our earlier work on $SAVA, published 25-Aug-2022, showed availability of records from an SEC investigation that is now over. We do not yet know what was at issue, or if it would even matter to investors.
Trupanion's 10-K available this morning.
Lots of detail on the previously announced internal controls problems. Yet troubling to see so many revenue-related items on the list.
Still silence on the SEC investigation we've been tracking at the company since Oct-2023. $TRUP
Be careful: When companies first disclose SEC investigations, they often wait until the day AFTER an earnings release.
It will show up in the 10-Q or 10-K filed a day or so later. Why? So no one can ask about it on the open call.
It's sleazy and happens a LOT.
#corpgov
B. Riley unable to timely file the 10-K. They did the same thing last year, followed shortly by a restatement and declaration of ineffective internal controls. As of the Nov-2023 10-Q, internal controls still ineffective.
Press release is silent on SEC probe. $RILY
To all our new $AMC fans, and anyone else who's recently discovered us - Did you know you can get some of the same research our Wall Street clients get, for free? We're doing this to grow awareness of "DI". Sign-up here for free $APE
Do you know why people use our service? You'd think it's only "the shorts", looking to find the next big fraud. Sure, we sometimes land there. Mostly though, people use our work for peace of mind. Makes sense, as the vast majority of the time we'll tell you nothing was found.
Hey $AMC fans! How are things? Didn't one, or a few, of you post some email you said came from the investor relations guy that said AMC was not the target of an SEC investigation? Can one of you please post in reply. We have something you'll want to see.
Pro tip for our new $AMC fans: Welcome. We are so glad you found us. Feel free to send tips of who else you think we should research. Ask SEC questions.
But above all, please, some of you have to stop drinking the bong water. That's not what it's there for.
As you were.😎
Fun fact: Public companies are free to tell investors pretty much whatever they want about their SEC investigations.
Years ago our attorney, who had been a Deputy Director in the Enforcement Division of the SEC, told us as much.
Medical Properties Trust, a company on which we have beent tracking an undisclosed SEC investigation since Feb-2022, appears prominently in this story. $MPW
Pennsylvania hospital shutdown strains area's health care system.
Hey Carvana - What's the latest on that pesky "voluntary request from the SEC" you tucked into in a "Business Update" on Covid back in Mar-2020?
Since then, our work has now twice confirmed SEC enforcement proceedings were ongoing, most recently as of 03-Jun-2022. $CVNA
Coinbase disclosed receipt of a Wells Notice and even released a copy. The disclosure & release were quick, which we applauded. But the CEO and legal counsel also engaged in some fluff-and-spin, giving us their version of the story.
Hey $COIN - Now post subpoena copies.
For our new $AMC fans, keep the following in mind -
- We don't care what a company makes, sells, or does.
- We don't care who loves or hates it.
- We never - ever - short the companies we write on.
- We've been analyzing public company interactions with the SEC for 20+ years.
As a long-standing practice, we don't ever take positions on companies we have under active research.
We also don't care what a company makes, sells, or does. Nor do we care who loves or hates it. We simply follow the facts where they lead us. $RILY
Here's your reminder to be careful with $CVNA:
Management disclosed serious-sounding accounting issues in early 2020, with no updates after. Yet we’ve steadily tracked and warned on an undisclosed SEC investigation since then. We see no reason to think it's gone away.
Been in the investment industry since the mid-80's, CFA charterholder, worked at investment firms large and small. Lots of street cred in this biz.
This is some of the highest praise I've ever received. Thank you Frank.
@probesreporter
thank you for your unbiased impressions (both criticizing SAVA as disclosure minimalist + calling out those who manipulate your findings).
This is what Jesse (and colleagues Adrian/QCM) are a part of. They are pawns weaponizing your conclusions for disinformation.
-We have been protecting investors since 2000.
-Enron was our first warning.
-The WSJ and NY Times wrote favorable articles about us after warnings on Tyco and IBM.
-We sued the SEC over FOIA.
-SEC comment letters are online FOR FREE because of our early work.
You're welcome.
For those who missed it ...
- For 20+ years we've been protecting investors.
- We don't care who loves or hates $AMC
- We don't care what a company makes, sells, or does.
- We are never - ever - short.
- AMC is just one of the 2,500 companies we research each year.
Carry on.
Can't make this up ...
May 4th: American Bankers Association urges the SEC to investigate short sellers.
May 5th:
@Bloomberg
headline, "SEC Investigates Trades by First Republic Executives Before Sale to JPMorgan"
There is nothing in our experience to suggest the red section highlighted below is consistent with a referral to DOJ. It is boilerplate we typically see when the SEC asserts a B5 Exemption of the
#FOIA
. The DOJ has an excellent explanation of B5 here
@direports
Sir, In your experience is the red section consistent with a referral to DOJ. Why would SEC close a case and refer to the DOJ. Why not joint enforcement? Can we not rule out multiple SEC cases given FOIA asked for ANY cases? How often does SEC refer to DOJ? Much appreciated.
They weren't alone, though they did excellent work.
For our part, we too repeatedly warned on $MPW since first uncovering an undisclosed SEC investigation in Feb-2022. The stock was $21 back then.
We'd surely welcome - and rightly earned - some acknowledgement on this.
Huge congratulations to
@HedgeyeREITs
and
@BigRiverCapita1
for the amazing work on $MPW
Both are must follow accounts and couldn’t have been more right!
We've been filing FOIA requests with the SEC since the late 90s. AMC is just one of 2,500 companies we research each year. We follow expert legal counsel and adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct.
We stand firmly by our work on $AMC.
@direports
Stop propagating this nonsense about
@AMCTheatres
. There’s no SEC investigation in2 AMC.
#AMC
is in great legal standing. You must have a particular interest in instigating suspicion about non-existent scrutiny by the SEC into AMC, but u might get yourself in2 trouble instead.
Bankers trying desperately to create a distraction -
This week the American Bankers Association urged the SEC, "to investigate a spate of significant short sales of publicly traded equities that it said were 'disconnected from the underlying financial realities.'"
Our work first found an early signal of undisclosed SEC investigation at $MPW in Feb-2022. The stock was over $21 at the time. We issued repeated warnings since.
Last month, in Dec-2023, we alerted our clients of new data that suggested an SEC investigation remained ongoing.
We have a 20+ year track record of helping to protect investors.
SEC comment letters have been online for free since 2004 because of our early efforts.
Anyone can sign up to get free DI research via email alerts.
But please, criticize us some more. It's touchingly naive.
@DRnotaDR
@direports
Hi, my business is spamming the SEC to do work at the public expense and then sell the resultant work product for my private gain… I am a master businessman and definitely add value 👌
Great fun: Getting root canal - No novacaine.
Even more fun: Using the FOIA since the late 90's, and then covering the SEC since 2000, but still having to put up for people who are Twitter insta-experts on both.
Sounds fun. We would like to rent one of these fancy new "Zoom Rooms" to host a free webinar to educate investors on the undisclosed SEC investigation of $AMC we warned about back in August.
How much? Is popcorn included?
We just announced a bold new business that has not been discussed publicly before. In 2023, AMC & Zoom will launch ZOOM ROOMS AT AMC, at theatres in 17 U.S. cities. State of the art technology lets you have multi-city meetings. AMC enters the multi-billion dollar meetings market.
@FriendlyBearSA
@UndeadFoia
@DonPalermo5
@AlderLaneEggs
Not the first time someone's "popped up" to attack our work. We got a phone call from a party, who refused to identify himself, threatening us shortly before that. These are red flags.
We have been tracking an undisclosed SEC investigation at $MPW since Feb-2022, last confirmed as ongoing on 26-Jan-2024. We have no knowledge on "the results" or where it stands.
The company is free to disclose, and give investors an update on its SEC investigation at any time.
The disclosure on $TRUP's internal controls problems shows six revenue-related items, as highlighted below.
As a reminder, revenue recognition is the number one cause of restatement.
Trupanion's 10-K available this morning.
Lots of detail on the previously announced internal controls problems. Yet troubling to see so many revenue-related items on the list.
Still silence on the SEC investigation we've been tracking at the company since Oct-2023. $TRUP
Best to now ask: What contact, if any, has $TRUP had with SEC Enforcement in the past year or so?
We view the abrupt departure of even one C-suite executive as a red flag. The company could be vulnerable to an SEC investigation, or already has one it's not disclosed.
For those scoring at home on $TRUP:
1) Current CFO leaving
2) Former CFO, current EVP, and potential successor to Darryl OUT immediately
3) Chief compliance officer/EVP legal OUT immediately
Those worshiping at the TAM altar might want to take a closer look at the actual biz
"How's that Riley short working for you?" said our anonymous caller today, with more threats over our work on $RILY.
Uh-huh. We've never once shorted a stock.
Our misguided Riley fan (this him?) called from a blocked phone number and repeatedly refused to identify himself.
With Sammy now in the slammy, where's his Waldo? She's already all lawyered-up with an expensive legal gun. Is she going to get locked-up too?
Alameda ex-CEO Caroline Ellison taps SEC's former top crypto regulator as lawyer in FTX investigation
After warning of an undisclosed SEC probe at $AMC, company said it “has not been informed that it is the target of any SEC investigation.” Per SEC Enforcement Manual, it never names targets in its investigations. AMC has legal counsel who knows this. Yet they still said it. Why?
There is absolutely nothing in the FOIA appeal you cited here for $SAVA records that indicates the investigation confirmed as ongoing is formal.
Having said that, informal SEC probes can still be serious. Tyco executives went to jail after an SEC probe that stayed informal.
Basics - A. Spelling okay.
Idea - A. Builds on our outstanding design.
Tone/Color - F. Oops. Well, you tried.
Creativity - A. Clever play on our tagline - nice touch.
Hostility - A+. No one's ever attacked us like this. Not even the raging CEOs and high-powered attorneys.
$AMC
Disclosure Insight has auditors and insurance carriers who subscribe to our service because their own clients don't always tell them about their SEC investigations.
#Corpgov
SEC v. Thompson is good reading for what happens to companies that don't disclose SEC/DOJ subpoenas to their auditors. tldr: the auditor quits if they are lied to.
$RILY
@arkabagchi24
Note to file: Aurko is smarter than the rest of us. He's so good he can see data when none is there. We should all try to be as good as he is. 😎
As is our long-standing practice, we recommend anyone with questions about our warning of an undisclosed SEC investigation at $AMC to ASK THE COMPANY this simple question -
What contact has AMC Entertainment had with the SEC Division of Enforcement in the past year?
@direports
Then you are well educated in the industry enough to answer a yes or no question correct? Is the
@sec
"DIRECTLY investigating
@AMCTheatres
?
Long before any major media outlets showed up -
@DIreports
first knew of a possible undisclosed SEC probe at $MPW in Feb-2022.
In Apr-2022, Rob Simone
@HedgeyeREITs
added $MPW to his Best Idea short list.
Investigation confirmed, in Jun-2022, DI added MPW to our Watch List.
In over 20 years of being attacked by fraudsters and their cronies, we've found this to hold true --
Honest management teams that consistently produce great results, backed by clean financials, have no need to attack anyone. $MPW
This would also be a good question. Last year citing
@direports
value-add work we suggested it be asked, and certain let’s call them “pop up accounts” came out of nowhere and accused us of “manipulating the market.” Well, what about now? Is that not a relevant Q
Now the
To their credit,
@Carvana
management has done an excellent job of fighting off any temptation to tell investors about its now-protracted SEC investigation. $CVNA
$SAVA 10-K has a cut-and-paste repeat of the disclosures about investigations made in the Nov-2022 10-Q. We still aren't told who is investigating or why.
The fact it's repeated tell us management still thinks the exposure poses a material risk. But you can't analyze it.
Hey guys, great quarter ...
As the stock of Affirm Holdings is enjoying a blow-out day, it's not hard to imagine management is feeling pretty good about keeping their mouths shut regarding that pesky undisclosed SEC investigation we've been tracking since March 2023. $AFRM
2/ A Case Closing Recommendation is the SEC’s report that tells why an investigation was opened, what work was done, and the conclusions reached. The SEC usually does not release its Case Closing Recommendations and similar documents.
Not a confidence builder for investors. As of 02-Oct-2022, John R. Tyson, the 32 year-old baby-faced son of the Chairman, John H. Tyson, became the new CFO of Tyson Foods. $TSN
Now we see he was arrested for public intoxication, trespassing
Our question for $MPW management --
What communications, if any, has Medical Properties Trust had with the SEC's Division of Enforcement in the past two years?
There's nothing to prevent a management from answering this simple question.
For you enterprising sell-siders out there, here's a good question imo for tomorrow's $MPW earnings call: Why did this promissory note go up by ~$176mm y/y vs. $44mm as of 12.31.21. $176mm is greater than $150mm. When was it expanded, and what was the max drawn balance during
Too much guessing around $SAVA. Remember, it's one relatively small company in a highly volatile sector. If/when we get new facts, we will present them, as we've always done. Where appropriate, we will add our opinion and analysis, which is backed by decades of experience.
@direports
The alleged "data manipulation" focus was contrived in how the leaker framed it to the WSJ 11/17. The New Yorker piece 1/22 explained how short attorney Jordan Thomas had the WSJ piece 11/17 put ...).
Any indication from your FOIA docs and experience on what it is really about?
Plug Power: If only there was some kind of warning ...
There was. From us. Repeatedly.
We first warned on $PLUG in Nov-2021, when the stock was $41.65. We warned on it repeatedly ... all the way down.
Management never disclosed the SEC investigation we found.
Speculation.
Fully, unsubstantiated speculation here.
Don’t risk your hard earned capital on speculation.
You know what’s not speculation? $SAVA had a large SEC investigation management kept from you.
When did it start?
What was it about?
Why didn’t they tell you?
@direports
48 boxes of alphabet soup! I mean, at this point year in, FDA, NIH, DOJ, SEC... $SAVA THE most DD company there is (maybe second to $TSLA) it's cool, it's clear that CP was used as cheap SP attack.
Uh-huh. If you really want to know what's really going on, ask $SAVA what contact it's had with the SEC Division of Enforcement in the last year? Then ask why the DOJ is investigating? That's criminal exposure.
Management has repeatedly, willfully hid this info from investors.
@direports
I get that admitting your entire investment research model is based on speculating over incomplete information & opaque FOIA requests is a tough pill to swallow...but I'd keep the snark down. Your 1st $SAVA SEC FOIA report got most salient fact patterns downright wrong. Behave.
Affirm Holdings shares up about 100% in just the past month. A pumper's delight.
Be careful here. We still don't know what's going on with that pesky undisclosed SEC investigation we found at $AFRM earlier this year ...
Does this mean solvency is a greater risk?
$MPW concluded the ability of tenants and operators to "remain solvent" is a risk that now has to be disclosed.
Yet this same company remains silent about an SEC probe we've been tracking at $MPW since Feb-2022, and the stock was $21.
To clarify, management of public companies are only required to disclose matters they believe investors will consider material. It's kind of rigged against investors. That's why we say anytime a company discloses an investigation, you are safe to assume it's a real problem.
@MaxoluIbikunle
@pei_guy77
@direports
@WSJ
Any company is only required to report on investigations that it considers material. There is some academic literature that suggests that only 20% of investigations are reported by companies.
@ClicksAndHisses
@Nemo_is_NoOne
@probesreporter
@jesse_brodkin
The dates tend to run closely. As for $SAVA, we see no evidence of an SEC enforcement action. Since the company's disclosure practices in this regard were, and remain, so shoddy, investors cannot fairly assess its impact either. Anyone who says otherwise is ... guessing.
@Keubiko
Two thoughts:
1. When we ping on a name, the SEC's already done a search and can usually then respond quickly to any amateur sleuths who follow.
2. Sept 30 is the Federal gvt's fiscal year-end. They're clearing as much as they can, fast as they can. Good for Y-E reporting.
$FRHC: A poster child for being investigated by the SEC, yet management continues to keep investors in the dark on the probe we've been tracking since Oct-2021. Easily one of the most flea-ridden companies we follow.
This thing has been accused of fraud many times before and for a long time. But now Hindeburg says it's a fraud and people lose their mind. Well.. Nate has the midas touch, what can I say
On Sunday, $ADM abruptly put its CFO on "administrative leave" (huh?) and announced a new SEC accounting investigation. Stock tanks, analysts downgrade.
But has anyone told you to expect even more bad news from all of this? We did.
This one's free.
We have no data or other information to tell us what the SEC was investigating. The company NEVER said. Their disclosure practices were shoddy in this regard. Don't assume it was matters raised by shorts. In our experience, 48 boxes is indicative of a serious SEC probe. $SAVA
@MattNachtrab
Shorts said $SAVA's research results were too good to be true, I guess the SEC didn't agree after combing through 48 boxes of records.
#Bullish
Reminder: SEC investigation of $AMC confirmed on 22-Aug-2022. Timing of SEC responses to us suggests management may have known about an SEC probe since at least Jun-2022.
Lastly, I’ve been AMC’s CEO for 7 years. About 2/3 of my total pay is in stock not cash. Well publicized in advance, I sold shares only once in those 7 years, a 65 day span Nov 21 to Jan 22. My stock sales ended a year ago. I will NOT sell any more any time soon. I ride with you.
After having helped with this excellent piece, our guidance for $MPW followers remains the same as it is anytime we warn of an undisclosed SEC investigation at a company:
Ask MPW what communications, if any, it’s had with the SEC’s Division of Enforcement in the last two years?
The SEC conducts its investigations confidentially. This is true.
Years ago, our attorney told us public companies are generally free to say whatever they want about them.
He was a deputy director in the SEC's Division of Enforcement before going into private practice. $AMC
@alexgispert1
@direports
Per SEC "All SEC investigations are conducted privately". We don't know nor do we have facts. We must wait for legalities and most likely this investigation was initiated by
#amc
#ape
There should be NO eluding to it not neing a good thing
@direports
The $SAVA SEC investigation we said was over, is over. We now know it closed on 27-Apr-202, what it's about, and other companies involved. In trying to get records on the closed matter, we then were told about another investigation still ongoing. Nothing "incorrect" here.
@direports
@PatricioMarceso
@probesreporter
He’s asking whether, if it is possible for you to send out blatantly incorrect alerts that declare an SEC investigation is over when in reality it isn’t, does that imply there could be a problem with your methodology and value of your signals?
We first warned on Carvana in Sep-2021, when this was still a $330 stock. Our warning? Run fast, run far. You cannot trust these people.
SEC investigative activity was found by us at $CVNA on 22-Oct-2020. Latest data, dated 25-Apr-2023, suggests an SEC probe is ongoing.
Probes Reporter reports that Undisclosed SEC investigative activity now appears to be over at $sava and they removed them from their SEC watch list. I bet we hear from the company soon on this.
Disclosure Insight has researched Global Life five times since Apr-2020, and repeatedly found no signs of SEC investigative activity, most recently as of Aug-2023. $GL
We now caution that recent news and volatility around the shares is likely to trigger an SEC investigation.
$SIX Flags failed to timely file its 10-K. Apparently, the auditor found some things. We've been tracking an undisclosed SEC probe since Mar-2020, and issued this warning after the CEO left abruptly over a weekend in Nov-2021. Appears SEC probe still an issue as of Jan-2023.
A number of former high-flying pieces of garbage that were IPO'd in the past couple years are now wresting with undisclosed SEC investigations, lingering internal controls problems, sudden CFO departures, and even departures of founders.
They've cashed in, now they're out.
Three quick $MMAT takes --
1. 8-K lacks detail. Watch that "among other things" language. It's a cover.
2. Most SEC investigations end without an enforcement action or Wells Notice. Oops.
3. Not unusual to hear former CEO gets Wells Notice. Including current CEO not-good.
Let's run these numbers -
$25 million gets you 32 people working on your defense at an hourly rate of $400, billing consistently at 50 hours per week, for 9 months straight.
That's a small building of people to deal with Trevor's [alleged] scam to rip off $NKLA investors.
Nikola $NKLA paid approximately $25.5 million so far this year in legal and professional costs related to Trevor Milton's criminal case.
The company only made $44.2 million in revenue during the same time with a negative gross profit.
Imagine if the SEC wasn't afraid of bringing the hammer down on
@elonmusk
those times they found him misbehaving.
Tesla would not be a meme stock, Twitter would not be a "free speech" talking point, and no one would pay attention to Old Elon now pretending he's a diplomat.
Hey Carvana - What's the latest on that pesky "voluntary request from the SEC" you tucked into in a "Business Update" on Covid back in Mar-2020?
Since then, our work has now twice confirmed SEC enforcement proceedings were ongoing, most recently as of 03-Jun-2022. $CVNA
He didn’t come up with a secret recipe for great fried chicken or invent an iPhone, but did you know SEC comment letters have been online for free since 2004 largely because of the early efforts of our founder
@JohnPGavin
? Used to take a
#FOIA
request.
Tell all your friends!
3/ If you have an interest in Cassava Sciences, you may wish to follow-up with the company. In general, there is nothing to stop a company from telling investors what contact it had with the SEC’s Division of Enforcement in the past two years?
@mablum
@HedgeyeIndstrls
Great work by
@HedgeyeIndstrls
on $PLUG, congratulations. You all produce excellent research.
FYI ... We warned repeatedly on Plug Power since it was a $41 stock in Nov-2021. Management never told investors about the SEC investigation we found.
@Adrian_H
@MoralOverdraft
@Nemo_is_NoOne
All SEC investigations are confidential, as the agency will typically not talk about them publicly unless an enforcement action is brought.
In general though, companies are free to say whatever they want. It appears $SAVA wants investors to think they cant' say anything.
What's going on with Upstart Holdings and the SEC?
In Mar-2024, we issued a warning of an undisclosed SEC investigation at $UPST, confirmed as ongoing as of 11-Mar-2024.
Stock lost more than 50% of value after earnings in Aug-2023. Large volatility can trigger an SEC probe.