U.S. Listed Companies with Confirmed, Undisclosed SEC ... Watch List 2018...The Probes Reporter® Watch List August 20, 2018 763.595.0900 (USA) U.S. Listed Companies With Confirmed,

Probes Reporter Watch List August 20, 2018

Independent Investment Research Focused on Public Company Interactions with the SEC

© 2018 Probes Reporter, LLC All rights reserved. www.probesreporter.com [email protected] tel. 763-595-0900 (USA)

U.S. Listed Companies with Confirmed, Undisclosed SEC Investigations

124 public companies with undisclosed SEC probes.

Companies that our research found had undisclosed SEC investigations are maintained on this Watch List until such time as new information gives us cause to remove them. Since we last published our Watch List on July 05, 2018 –

• We added 12 new companies.

• Updated information on 17 companies.

• Removed 3 companies due to investigative activity ending.

• Dropped coverage on 6 companies in this period (usually due to bankruptcy or M&A activity).

Important notes: If we alert you to existence of an undisclosed SEC probe, that means we filed a Freedom of Information Act (FOIA) request with the United States Securities and Exchange Commission (SEC) on the company in question and have a response, in black-and-white, on government letterhead that supports our statement. The only thing we know at this time is that the probe(s) somehow pertains to the conduct, transactions, and/or disclosures of the companies referenced. The data reflected in this report are only current as of the dates indicated for each individual company. SEC investigative activity could theoretically begin or end after the date covered by the latest information in this report which would not be reflected here. Similarly, public company disclosures made since the dates indicated herein could impact your analysis. The SEC reminds us that its assertion of the law enforcement exemption should not be construed as an indication by the Commission or its staff that any violations of law have occurred with respect to any person, entity, or security. Full disclosures and important additional information appear at the end of this report.

—Better Disclosure for Better Decisions.®

http://www.probesreporter.com/

mailto:[email protected]

The Probes Reporter® Watch ListAugust 20, 2018www.probesreporter.com 763.595.0900 (USA)

U.S. Listed Companies With Confirmed, Undisclosed SEC Investigative Activity

"New", "Removed", or "Updated" is since 05-Jul-2018 IP = An update is in-process. Market data as of the close on 17-Aug-2018

Company Name TickerFirst Indication

of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap

$MM Analyst Notes / Observations

IP Abbott Laboratories ABT 27-Sep-2017 16-Oct-2017 $64.72 114,798

First response indicating an SEC probe was dated 27-Sep-

2017, which was confirmed on 16-Oct-2017. This is a

change from a response we received 16-Sep-2016, at

which time no signs of SEC investigative activity were

found. New research in-process as of Apr-2018.

IP Aerojet Rocketdyne Holdings Inc. AJRD 8-Nov-2016 4-Jan-2018 $35.85 2,140

First response indicating an SEC probe was dated 08-Nov-

2016. Ongoing enforcement proceedings confirmed two

times since. New research in-process as of Jul-2018.

AFLAC, Inc. AFL 13-Feb-2018 16-Mar-2018 $46.76 36,053

The first response indicating an SEC investigation was

dated 13-Feb-2018, and later confirmed on 16-Mar-2018.

This is a change from a response dated 28-Feb-2017, at

which time no signs of recent SEC investigative activity

were found.

IP Alcoa, Inc. AA 24-Mar-2014 1-Feb-2018 $42.03 8,067

We have warned repeatedly of undisclosed SEC

investigations involving each of Alcoa and its RTI

International Metals unit, which was acquired in 2015.

They date back to Mar-2014. New research in-process as

of Jul-2018.

Amazon.com, Inc., the Whole

Foods unit (WFM)

AMZN/

WFM14-Jun-2017 1-Feb-2018 $1,882.22 907,958

First response indicating an SEC probe was dated 14-Jun-

2017, which has been confirmed two times since. On 28-

Aug-2017, Amazon closed its deal to purchase all of Whole

Foods.

(c) 2018, Probes Reporter, LLC. All rights reserved. www.probesreporter.com [email protected] Page 1 of 29





of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


IP AmerisourceBergen Corporation ABC 3-Apr-2017 12-Jan-2018 $87.72 19,849


dated 03-Apr-2017. Ongoing enforcement proceedings

confirmed two times since. New research in-process as of

Jul-2018.

Updated AmTrust Financial Services Inc AFSI 29-Mar-2017 2-Aug-2018 $14.47 2,832

First response indicating an SEC probe was dated 29-Mar-


times since. Latest response suggests SEC probe is

ongoing, but this has not yet been confirmed on appeal.

Updated Aon Plc AON 25-Apr-2017 26-Jul-2018 $143.45 34,943

First response indicating an SEC probe was dated 25-Apr-

2017. It was confirmed two times since, most recently on

17-Jan-2018. This is a change from a response we received

24-Mar-2016, at which time no signs of SEC investigative

activity were found. As only generalized and sweeping

disclosures of investigative risk were found, this is worthy

of follow-up. Latest response suggests SEC probe is


Apple Inc. AAPL 6-Mar-2018 27-Apr-2018 $217.58 1,053,722

Back in Jan-2018, it was widely reported the SEC was

investigating Apple for matters related to battery life.

However, no official company disclosures could be found

to match these news reports. The first response indicating

an SEC investigation was dated 06-Mar-2018, and later

confirmed on 27-Apr-2018. This is a change from a

response dated 16-Feb-2017, at which time no signs of

recent SEC investigative activity were found.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


NEW Arrow Electronics, Inc. ARW 22-May-2018 20-Jun-2018 $78.01 6,851


dated 22-May-2018, and later confirmed on 20-Jun-2018.

This is a change from a response dated 07-Jun-2017, at


were found.

AT&T, Inc. T 22-Mar-2017 16-May-2018 $33.03 242,509

The first response indicating SEC investigation was dated

22-Mar-2017. On-going enforcement proceedings

confirmed two times since.

Automatic Data Processing, Inc. ADP 2-Feb-2018 16-Mar-2018 $142.55 63,924





were found.

IP Avis Budget Group, Inc. CAR 17-Apr-2017 12-Jan-2018 $34.95 2,916




Jul-2018.

New AZZ, Inc. AZZ 19-Apr-2018 1-Jun-2018 $53.90 1,396


dated 19-Apr-2018, and later confirmed on 01-Jun-2018.

This is a change from a response dated 22-Mar-2017, at


were found.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Updated Babcock & Wlicox Enterprises, Inc. BW 14-Nov-2017 2-Aug-2018 $1.44 242


dated 14-Nov-2017, and later confirmed on 28-Dec-2017.

This is a change from a response dated 17-Nov-2016, at


were found. Latest response suggests SEC probe is


BB&T Corp. BBT 4-Apr-2018 15-May-2018 $52.43 40,642

The first response indicating another SEC investigation was

dated 04-Apr-2018, and later confirmed on 15-May-2018.

This is a change from a response dated 26-Apr-2017, at


were found.

UpdatedBerkshire Hathaway Inc. - Precision

Castparts acquisition (PCP)BRK.A 11-Aug-2015 26-Jun-2018 $313,465 511,837

First response indicating an SEC probe at Precision

Castparts was dated 11-Aug-2015. Ongoing enforcement

proceedings confirmed five times since. In January 2016,

Precision Castparts Corporation became a subsidiary of

Berkshire Hathaway.

IP Blackberry Ltd. BB 3-Oct-2017 12-Jan-2018 $10.07 6,219


dated 03-Oct-2017, and later confirmed on 12-Jan-2018.

This is a change from a response dated 30-Sep-2016, at


were found. New research in-process as of Jul-2018.

Blackstone Group, L.P. BX 5-Apr-2017 21-Feb-2018 $36.20 43,817


dated 05-Apr-2017, and confirmed twice since, most

recently on 21-Feb-2018.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Boeing Company, The BA 14-Apr-2016 28-Mar-2018 $346.40 203,831


2016. Ongoing enforcement proceedings confirmed four

times since, most recently in Mar-2018.

Boston Scientific Corporation BSX 6-Mar-2018 19-Apr-2018 $34.41 47,792


dated 06-Mar-2018, and later confirmed on 19-Apr-2018.



were found.

BP plc BP 20-Feb-2018 18-May-2018 $41.91 111,619


dated 20-Feb-2018, and later confirmed on 18-May-2018.


which time an appeal we filed to access certain

investigative records on a closed SEC probe(s) of this

company was denied. We also found signs of three SEC

investigations since 2011.

BT Group PLC BT 8-Sep-2017 21-May-2018 $14.52 22,769

First response indicating SEC probe dated 08-Sep-2017. On-

going enforcement proceedings confirmed two times

since.

Cardinal Health Inc. CAH 4-Apr-2018 21-May-2018 $51.90 16,096





were found.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Carpenter Technology Corporation CRS 1-Mar-2018 19-Apr-2018 $56.74 2,685





were found.

Updated China Petroleum & Chemical Corp. SNP 22-Feb-2017 12-Jun-2018 $92.84 22,452

First response indicating an SEC probe was dated 22-Feb-

2017. Ongoing enforcement proceedings confirmed three

times since.

IP Citrix Systems, Inc. CTXS 9-Jul-2015 16-Jan-2018 $110.86 15,024

First response indicating an SEC probe was dated 09-Jul-

2015. This has been confirmed four times since. New

research in-process as of Jul-2018.

Core Laboratories NV CLB 13-Feb-2018 6-Apr-2018 $110.07 4,876


dated 06-Jun-2017, at which time CLB's disclosures were

referencing a FCPA investigation. According to the

company the DOJ ended its FCPA investigation in Oct-

2017, with the SEC ending its FCPA probe in Feb-2018.

However, in Apr-2018, the SEC confirmed unspecified

enforcement proceedings were on-going.

IP Crane Co. CR 10-May-2017 31-Jan-2018 $89.39 5,457

First response indicating an SEC probe was dated 10-May-



Crocs, Inc. CROX 8-Dec-2016 2-May-2018 $18.67 1,304

First response indicating SEC probe dated 08-Dec-2016.

On-going enforcement proceedings confirmed three times

since.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


CVS Health Corporation CVS 6-Oct-2016 18-May-2018 $73.68 75,807


06-Oct-2016. On-going enforcement proceedings

confirmed three times since. Signs of more than one

undisclosed SEC investigation found, with one of them

having closed in Oct-2017.

DowDuPont Inc., the prior Dow

Chemical unit (DOW)DWDP 27-Apr-2016 16-May-2018 $67.79 159,201

We have been tracking undisclosed SEC investigative

activity at Dow Chemical since 27-Apr-2016. This is the

fourth time since then that the SEC has confirmed ongoing

enforcement proceedings.

UpdatedDXC Technology Co., the Computer

Sciences unit (CSC)DXC 31-Jan-2017 2-Aug-2018 $87.37 28,395

A recent response on DXC itself shows no signs of an SEC

investigation. This suggests SEC risk is potentially an

inherited matter limited to the CSC unit. First indication of

a new probe at CSC was 31-Jan-2017, which has been

confirmed two times since. On 03-Apr-2017, Computer

Sciences merged with HP Enterprise Services to create DXC

Technology. Latest response suggests SEC probe is


IP Eaton Vance Corp. EV 22-May-2017 29-Jan-2018 $53.08 6,448

In Apr-2017, EV disclosed fraud charges were brought

against a former trader/portfolio manager. But our

warning pertains to the conduct, transactions, and/or

disclosures of the company itself. First response indicating

an SEC probe was dated 22-May-2017, which was


Aug-2018.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


NEW eBay, Inc. EBAY 24-May-2018 20-Jun-2018 $34.01 34,021



This is a change from a response dated 10-May-2017, at


were found.

Updated Embraer SA ERJ 31-Jan-2017 16-May-2018 $19.68 14,380

In Oct-2016, Embraer reached resolution of a protracted

and expensive FCPA exposure. The company was assessed

$205 million in penalties. But we’ve received multiple

indications of ongoing SEC investigative activity since then.

We also found some troubling language in the 20-F filed in

Mar-2018, which needs further explanation.

Enbridge Energy Partners LP EEP 24-Jul-2017 2-May-2018 $11.53 3,735


24-Jul-2017. On-going enforcement proceedings


Erie Indemnity Company ERIE 7-Nov-2016 19-Apr-2018 $126.54 6,483


07-Nov-2016. On-going enforcement proceedings

confirmed three times since.

Eversource Energy ES 10-May-2017 21-Feb-2018 $63.24 20,369


2017. On-going enforcement proceedings confirmed two

times since.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Exxon Mobil Corporation XOM 25-Jul-2016 16-Jan-2018 $78.26 335,956

At least two SEC probes since Jul-2012. First response

indicating the most recent SEC probe was dated 25-Jul-

2016. Since we published these findings on 06-Sep-2016,

word of an SEC probe received wide media attention. Even

though confirmed three times, it still remains undisclosed

by Exxon.

FedEx Corp. FDX 2-Apr-2018 30-Apr-2018 $246.94 66,967


dated 02-Apr-2018, and later confirmed on 30-Apr-2018.



were found.

Fluor Corporation FLR 28-Feb-2018 20-Apr-2018 $56.82 8,013


dated 28-Feb-2018, and later confirmed on 20-Apr-2018.



were found.

IP Freeport-McMoRan Inc. FCX 11-Sep-2015 17-Jan-2018 $13.97 21,434

Responses suggest at least one SEC probe since Aug-2012.

First response indicating the most recent SEC probe was

dated 11-Sep-2015. Ongoing enforcement proceedings

confirmed four times since. New research in-process as of

Jul-2018.

FTI Consulting, Inc. FCN 5-Mar-2018 20-Apr-2018 $77.64 2,940





were found.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Fulton Financial Corporation FULT 20-Mar-2018 30-Apr-2018 $18.05 3,159





were found.

Gilead Sciences, Inc. GILD 19-Jun-2017 16-May-2018 $72.92 94,730


19-Jun-2017. On-going enforcement proceedings


Updated GlaxoSmithKline plc GSK 26-Jan-2017 26-Jul-2018 $41.25 80,670

We’ve tracked SEC investigative activity at this company

consistently since Aug-2014. Timing of our new data

suggests there is another SEC investigation of Glaxo since

a FCPA probe was resolved on 30-Sep-2016. Latest

response suggests SEC probe is ongoing, but this has not

yet been confirmed on appeal.

Global Eagle Entertainment Inc. ENT 18-Jan-2017 6-Jun-2018 $2.66 235

First response indicating an SEC probe was dated 18-Jan-


times since. CEO and CFO resigned abruptly in Feb-2017

with the 10-K and subsequent filings delayed. Latest



IP Gulfport Energy Corp. GPOR 10-Oct-2017 28-Dec-2017 $11.14 1,960


dated 10-Oct-2017, which was later confirmed on 28- Dec-

2017. This is a change from a response dated 29-Sep-2016,

at which time no signs of recent SEC investigative activity







of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Harley-Davidson, Inc. HOG 9-Apr-2018 15-May-2018 $42.26 7,072





were found.

New Healthcare Services Group, Inc. HCSG 4-Jun-2018 11-Jul-2018 $41.20 3,065


dated 04-Jun-2018, and later confirmed on 11-Jul-2018.



were found.

Henry Schein, Inc. HSIC 22-Mar-2018 2-May-2018 $80.34 12,500


dated 22-Mar-2018, and later confirmed on 2-May-2018.



were found.

Updated Honeywell International, Inc. HON 8-Aug-2016 21-Jun-2018 $155.17 117,258

First response indicating an SEC probe was dated 08-Aug-


times since, most recently in May-2017. Latest response

suggests SEC probe is ongoing, but this has not yet been

confirmed on appeal. Latest response suggests SEC probe

is ongoing, but this has not yet been confirmed on appeal.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Updated Ingersoll-Rand plc IR 8-Jul-2016 7-Aug-2018 $99.81 24,758

We found at least two SEC probes since Oct-2012. First

response indicating a more recent undisclosed SEC

probe(s) was dated 08-Jul-2016. Ongoing enforcement

proceedings confirmed three times since. Latest response

suggests SEC probe is ongoing, but this has not yet been

confirmed on appeal.

Updated Insight Enterprises, Inc. NSIT 22-Nov-2017 8-Aug-2018 $54.06 1,988


dated 22-Nov-2017, and later confirmed on 12-Jan- 2018.



were found. Latest response suggests SEC probe is


IP Insys Therapeutics, Inc. INSY 26-Dec-2017 30-Jan-2018 $7.73 586


dated 26-Dec-2017, and later confirmed on 30-Jan-2018.

This is a change from a response dated 01-Dec-2016, at



IPInternational Bancshares

CorporationIBOC 2-Aug-2016 14-Dec-2017 $46.40 3,020

First response indicating an SEC probe was dated 02- Aug-


times since. New research in-process as of Jun-2018.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


New J&J Snack Foods Corp. JJSF 24-Jan-2018 11-Jul-2018 $144.80 2,780


dated 24-Jan-2018. We received the same response on 18-

Jun-2018, which was then confirmed on 11-Jul-2018. This

is a change from a response dated 13-Feb-2017, at which

time no signs of recent SEC investigative activity were

found.

Kinder Morgan Inc. KMI 29-Dec-2017 28-Mar-2018 $17.95 40,178

We’ve warned repeatedly on the existence of multiple

undisclosed SEC investigations at Kinder Morgan and

affiliated entities in the past. The first response indicating

the newest SEC investigation was dated 29-Dec-2017, and

later confirmed on 28-Mar-2018. This is a change from a

response dated 14-Nov-2016, at which time no signs of

current SEC investigative activity were found.

KLA-Tencor Corp. KLAC 18-Aug-2017 21-May-2018 $112.40 17,627


18-Aug-2017. On-going enforcement proceedings


Updated

Knight-Swift Transportation

Holdings, Inc. - the former Swift

Transportation (SWFT)

KNX 12-Sep-2017 14-Jun-2018 $32.90 5,824

First response indicating an SEC probe at Swift was dated

12-Sep-2017. On-going enforcement proceedings

confirmed at Swift two times since. In Sep-2017, Swift

Transportation Co. merged with Knight Transportation,

Inc. to become Knight-Swift Transportation Holdings, Inc.

L3 Technologies Inc. LLL 16-Mar-2018 18-May-2018 $210.38 16,692

After having just ended an SEC investigation in Jan-2017,

we again found signs of another probe. But we also

received documents that show an SEC investigation ended

in Sep-2017.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Maiden Holdings Ltd. MHLD 21-Nov-2016 2-May-2018 $3.95 332




NEW MasTec Inc. MTZ 7-May-2018 5-Jun-2018 $43.30 3,422

We previously warned that MasTec’s 2015-2016 SEC

investigation was far more expansive than the company

ever let on. The first response indicating a new SEC

investigation was dated 07-May-2018, and later confirmed

on 05-Jun-2018. This is a change from a response dated 18-

May-2017, at which time documents were released from

an earlier SEC investigation.

Mattel, Inc. MAT 23-Jan-2017 21-May-2018 $15.31 5,297

Signs of SEC investigative activity found, off-and-on, back

to Sep-2013. First response related to most recent probe

was dated 23-Jan-2017. On-going enforcement

proceedings confirmed three times since.

Medallion Financial Corp. MFIN 3-Aug-2017 30-Apr-2018 $5.90 141




which time documents were released from an earlier SEC

investigation.

Medtronic, plc MDT 24-Jan-2017 5-Jun-2018 $90.60 123,141



times since.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


NEW Monro, Inc. MNRO 24-May-2018 25-Jun-2018 $70.35 2,321





were found.

NEW Morningstar, Inc. MORN 14-May-2018 14-Jun-2018 $137.06 5,867





were found.

IP Natera, Inc. NTRA 22-Jan-2018 9-Feb-2018 $25.22 1,413


dated 22-Jan-2018, and later confirmed on 09-Feb-2018.

This is a change from a response dated 08-Fe-2017, at


were found. New research in-process as of Aug-2018.

IP National Bank Holdings Corp. NBHC 11-Jan-2017 26-Sep-2017 $40.54 1,217




National General Holdings Corp. NGHC 17-Nov-2016 2-May-2018 $27.64 2,930









of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


National Oilwell Varco, Inc. NOV 31-Jul-2017 15-May-2018 $43.84 17,172

First response indicating SEC probe dated 31-Jul-2017,

which was confirmed two times since then. This is a

change from responses we received four separate times

between 31-Jul-2014 and 18-Jul-2016, at which time no

signs of recent SEC investigative activity were found. This

suggests to us the SEC probe we have found today is

unrelated to a multi-agency, multi-year probe that ended

in Nov-2016.

IP Natural Health Trend Corporation NHTC 10-Nov-2016 30-Jan-2018 $24.89 277




IP Navient Corp. NAVI 3-Aug-2016 12-Jan-2018 $13.36 3,530

First response indicating an SEC probe was dated 03-Aug-


times since. Company disclosures only made sweeping

generalizations regarding investigations. New research in-

process as of Jul-2018.

IP New Senior Investment Group Inc. SNR 15-Nov-2016 20-Sep-2017 $6.52 536



times since. We recently received documents on a massive

and undisclosed 2015-16 SEC investigation of Fortress

Investment Group (FIG) and New Media Investment Group

(NEWM), both affiliates. New research started in Mar-

2018, remains in-process.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


IP News Corporation NWSA 21-Sep-2017 16-Oct-2017 $13.90 8,145





were found. New research in-process as of Apr-2018.

IP NRG Energy, Inc. NRG 4-Apr-2017 3-Jan-2018 $33.95 10,613


2017, which has been confirmed two times since. New

research in-process as of Aug-2018.

IP Oasis Petroleum Inc. OAS 19-Oct-2017 17-Jan-2018 $12.08 3,940


dated 19-Oct-2017, and later confirmed on 17-Jan-2018.

This is a change from a response dated 17-Oct-2016, at



Omnicom Group Inc. OMC 19-Mar-2018 30-Apr-2018 $68.59 15,700





were found.

Ophthotech Corp. OPHT 4-Oct-2017 23-May-2018 $2.39 88

First response indicating an SEC probe was dated 04-Oct-


change from a response we received 06-Oct-2016, at


found. Latest response suggests SEC probe is ongoing,

but this has not yet been confirmed on appeal.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


IP Oracle Corporation ORCL 15-Aug-2016 14-Jun-2017 $48.36 193,871

We have consistently and repeatedly tracked undisclosed

SEC investigative activity at Oracle since Nov-2012. In Jun-

2016, shares fell on news Oracle was hit with a

whistleblower lawsuit over cloud accounting. This could

easily trigger yet another SEC investigation. We have docs

on one SEC probe into Oracle that ended Jan-2016 and an

earlier matter into Acme Packet (acquired by ORCL in Feb-

2013) that ended in Jul-2014. New research started in Mar-

2018 remains in-process.

IP Oshkosh Corporation OSK 10-Jan-2017 26-Sep-2017 $70.64 5,483

SEC investigative activity off-and-on since 2012 with an

undisclosed SEC probe again confirmed. First response

indicating the most recent SEC probe dated 10-Jan-2017.

Ongoing enforcement proceedings confirmed two times

since. New research in-process as of Mar-2018.

NEW OSI Systems, Inc. OSIS 14-May-2018 14-Jun-2018 $77.58 1,445





were found.


John

Text Box

New Text





of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


IP Overseas Shipholding Group Inc. OSG 8-Feb-2017 16-Oct-2017 $3.30 286

The company announced settlement of an SEC probe on

23-Jan-2017, but the SEC confirmed enforcement

proceedings were ongoing as of 08-Feb-2017. Back then,

the timing opened the possibility the company had/has

more than one SEC probe, but that’s still not certain. What

is certain is we again received confirmation that SEC

enforcement proceedings are ongoing as of 16-Oct-2017,

so OSG is added back to our Watch List. New research in-

process as of Apr-2018.

IP Pentair plc PNR 7-Nov-2017 28-Dec-2017 $42.80 8,179


dated 7-Nov-2017, and later confirmed on 28-Dec-2017.

This is a change from a response dated 24-Oct-2016, at



Phibro Animal Health Corp. PAHC 4-Jan-2018 28-Mar-2018 $49.35 1,957


dated 04-Jan-2018, and later confirmed on 28-Mar-2018.

This is a change from a response dated 17-Jan-2017, at


were found.

IP Principal Financial Group Inc. PFG 30-Sep-2015 16-Oct-2017 $55.72 16,474

Responses suggest at least two SEC probes since Nov-

2012. First response related to the latest probe was on 30-

Sep-2015. This is the fourth time that ongoing

enforcement proceedings were confirmed since. New

research in-process as of Jul-2018.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Procter & Gamble Company PG 12-Apr-2018 21-May-2018 $83.69 211,047





were found.

IP Prospect Capital Corp. PSEC 12-Jan-2016 14-Dec-2017 $6.93 2,525

After claiming an SEC probe had ended in Dec-2015, the

first response indicating a potentially new SEC probe was

12-Jan-2016. Ongoing enforcement proceedings

confirmed three times since. We found management

particularly creative, even aggressive, in misleading

investors and attacking critics regarding SEC investigative

activity. New research in-process as of Jun-2018.

IP RE/MAX Holdings, Inc. RMAX 12-Dec-2017 17-Jan-2018 $48.90 891






Updated Regal Beloit Corp. RBC 26-Oct-2016 10-Aug-2018 $82.65 3,719





Rexnord Corp. RXN 16-Nov-2016 16-Mar-2018 $28.80 3,096

First response indicating an SEC investigation was dated 16-

Nov-2016. Ongoing enforcement proceedings confirmed

three times since.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


IP Ryman Hospitality Properties, Inc. RHP 18-Oct-2016 1-Feb-2018 $86.14 4,202



times since. New research in-process as of Aug-2018.

Schlumberger Limited SLB 25-Aug-2016 21-Feb-2018 $62.83 88,151

Investigative activity off-and-on since Nov-2012. First

response indicating an SEC probe was dated 25-Aug-2016.

Ongoing enforcement proceedings confirmed three times

since, most recently on 21-Feb-2018.

IP Signet Jewelers Limited SIG 4-Apr-2017 17-Jan-2018 $62.40 3,651




Jul-2018.

NEW Skyworks Solutions Inc. SWKS 24-May-2018 6-Jul-2018 $91.85 16,429


dated 24-May-2018, and later confirmed on 06-Jul-2018.



were found.

IP Sony Corp. SNE 12-Feb-2013 16-Oct-2017 $54.87 70,028

Indications found of multiple undisclosed SEC probes since Feb-

2013. One was titled "Certain Distribution Practices in the

Entertainment Industry" and opened in May 2012 and closed in

September 2015. The other was titled "Lions Gate Entertainment

Corporation" and opened in August 2012 and closed in

September 2015. New research in-process as of Apr-2018.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


IP Stamps.com, Inc. STMP 6-Jun-2017 21-Jun-2018 $231.70 4,196


2017, which was confirmed on 07-Jul-2017. Latest



Sterling Construction Co, Inc. STRL 16-May-2017 4-Apr-2018 $15.31 426



times since.

Stryker, Inc. SYK 5-Feb-2018 16-Mar-2018 $169.98 62,850





were found. Cautionary Note: We found Stryker has a

horrible record of disclosing SEC investigations and plays

Disclosure Games® when they do so.

NEW Sun Hydraulics Corp. SNHY 30-May-2018 6-Jul-2018 $47.62 1,517


dated 30-May-2018, and later confirmed on 06-Jul-2018.



were found.

IP SunPower Corporation SPWR 1-Dec-2017 16-Jan-2018 $6.64 902











of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Sunrun, Inc. RUN 26-Jan-2017 21-May-2018 $12.97 1,396

First response indicating SEC probe dated 26-Jan-2017

which has now been confirmed three times since then.

Since that first indication of an undisclosed SEC

investigation in Jan-2017, a story broke in the Wall Street

Journal, on 03-May-2017, pointing to an SEC probe at each

of SunRun and SolarCity. It has still not been disclosed by

either company. We were months ahead of the Journal in

both cases.

Updated Super Micro Computer, Inc. SMCI 23-Oct-2015 12-Jun-2018 $18.85 935


2015. Ongoing enforcement proceedings have now been

confirmed *five* times since.

Synchronoss Technologies, Inc. SNCR 8-Mar-2018 27-Apr-2018 $6.08 263





were found.

Updated Tenneco, Inc. TEN 4-Oct-2017 12-Jun-2018 $43.26 2,297



times since.

TerraForm Power, Inc. TERP 11-Feb-2016 28-Mar-2018 $11.25 2,352


2016. Ongoing enforcement proceedings were confirmed

four times since, most recently on 28-Mar-2018. Our

research shows TerraForm Power, a “yieldco” of

SunEdison, was already under investigation by the SEC

prior to SunEdison announcing its own woes at the end of

Mar-2016.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


IP Tesla Motors, Inc. TSLA 27-Jun-2016 16-Jan-2018 $305.50 51,406

The first response indicating an SEC probe was dated 27-

Jun-2016, BEFORE investors ever knew about a car crash

that media outlets said brought on a (separate) SEC probe.


since. In Dec-2017 we acquired documents from an

undisclosed formal SEC probe of Tesla. The response gave

indication of other enforcement proceedings at the time.

New research in-process as of Jul-2018.

Tesla Motors, Inc., the SolarCity

unit (SCTY)

TSLA/SC

TY10-Jan-2017 21-May-2018 #N/A #N/A

Signs of undisclosed SEC investigative activity found, off-

and-on, back to Aug-2014. First response indicating the

most recent SEC probe(s) dated 10-Jan-2017. On-going

enforcement proceedings confirmed three times since.

IP Thomson Reuters Corporation TRI 20-Dec-2017 30-Jan-2018 $42.94 39,802






IP TimkenSteel Corp. TMST 13-Sep-2017 16-Oct-2017 $13.41 605


2017, which was then confirmed on 16-Oct-2017. This is a

change from a response we received 04-Aug-2016, at


were found. New research in-process as of Apr-2018.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


IP T-Mobile US, Inc. TMUS 14-Sep-2017 16-Oct-2017 $65.90 48,423





found. New research in-process as of Apr-2018.

IP UGI Corp. UGI 17-Oct-2012 3-Jan-2018 $55.47 9,646

The SEC has confirmed enforcement proceedings were

ongoing six times since our first indication of an SEC probe

in Oct-2012. New research in-process as of Jul-2018.

Under Armour, Inc. UA 5-Jul-2017 16-Mar-2018 $18.92 9,235

First response indicating an SEC probe was dated 05-Jul-


times since.

United Parcel Service, Inc. UPS 7-Jul-2016 16-Mar-2018 $121.80 105,420

Evidence of multiple undisclosed SEC probes. First

response indicating an SEC probe was dated 07-Jul-2016.


since. We also have documents from a now-closed SEC

probe from Feb-2016 to Aug-2016 pertaining to UPS's

whistleblower policies.

Verizon - Straight Path

Communications, Inc. unit STRP 17-Feb-2017 21-May-2018 #N/A #N/A










of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Verizon Communications, Inc. VZ 6-Sep-2017 17-May-2018 $54.79 225,993

First response indicating the latest SEC probe was dated

06-Sep-2017, which was confirmed on 27-Sep-2017. This is

a change from a response we received 03-Aug-2016, at


found. Latest response suggests SEC probe is ongoing,

but this has not yet been confirmed on appeal.

Updated Walgreens Boots Alliance, Inc. WBA 24-Sep-2015 13-Aug-2018 $69.99 63,695


2015. The SEC has confirmed enforcement proceedings

were ongoing four times since. Latest response suggests

SEC probe is ongoing, but this has not yet been confirmed

on appeal.

IP Walt Disney Company, The DIS 14-Jan-2016 18-Sep-2017 $112.48 168,103

We have been tracking SEC investigative activity off-and-

on since Sep-2012. Our first indication of this latest probe

was 14-Jan-2016, which has been confirmed three times

since. New research started in Mar-2018 remains in-

process.

Updated Weatherford International Ltd. WFT 13-Feb-2017 4-Jun-2018 $2.61 2,612

Weatherford International previously disclosed an

accounting investigation it said ended in Sep-2016. But

first response indicating another SEC probe was dated 13-

Feb-2017. On-going enforcement proceedings were then

confirmed in Mar-2017 and again in Oct-2017. Latest








of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Web.com Group Inc. WEB 31-Oct-2017 4-Apr-2018 $28.00 1,394


dated 31-Oct-2017, and later confirmed on 04-Apr-2018.



were found.

New Werner Enterprises, Inc. WERN 18-Jun-2018 14-Jul-2018 $36.65 2,636


dated 18-Jun-2018, and later confirmed on 11-Jul-2018.

This is a change from a response dated 14-Jul-2017, at


were found.

Zion Oil & Gas, Inc. ZN 15-May-2018 15-May-2018 $1.84 109 First response indicating an SEC probe was dated and also

confirmed on 15-May-2018.

IP = Indicates an update is in-process. New information could arrive anytime.

Removed from Watch List - Since 05-Jul-2018

Dropped Chicago Bridge & Iron Co. N.V. CBI 11-Apr-2016 1-Jun-2018 #N/A #N/A

Undisclosed SEC probe again confirmed four times since

Apr-2016. The existence of two undisclosed probes at CBI

in the recent past is a good reminder that it is possible a

public company can be involved in more than one SEC

probe at any time. We have documents from one probe

that ended in Apr-2017. On 02-May-2018, McDermott

(MDR) shareholders approved a proposed merger with

Chicago Bridge & Iron.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Removed Citizens Inc. CIA 10-Jun-2016 14-Jun-2018 $7.60 379


2016. This was then confirmed three times before this

company finally disclosed an SEC investigation in 2018.

Dropped Erin Energy Corp. ERN 15-Feb-2017 23-May-2018 #N/A #N/A





In Apr-2018, Erin Energy filed for bankruptcy.

Dropped General Cable Corp. BGC 6-Sep-2016 16-Jan-2018 #N/A #N/A


dated 06-Sep-2016, at which time the company had a

disclosed FCPA probe, but that settled on 29-Dec-2016.

Signs of investigative activity were again received on 24-

Apr-2017, and have now been confirmed twice since. In

Dec-2017, Italian cable maker Prysmian announced it was

buying General Cable in a $3 billion deal that closed in

Jun-2018.

Removed Jack Henry & Associates Inc. JKHY 8-Feb-2017 20-Jun-2018 $143.24 10,962

We’ve been tracking confirmed, undisclosed SEC

investigative activity at this company since Sep-2015. In

Dec-2016, the SEC published a litigation release

announcing an accounting-related enforcement action

against the company. This has never been disclosed. We

now have the related documents and no further signs of

on-going investigative activity.






of SEC Probe

Most Recent

SEC ResponsePrice

Mkt Cap


Removed Southwestern Energy Co. SWN 22-Apr-2016 18-Jun-2018 $5.14 3,101

Documents recently received. Southwestern Energy was

one of many companies named in an Aug-2016 SEC

investigation titled, "Certain non-GAAP Revenue

Adjustments". Twenty-two pages released. In our

research history, the first response indicating an SEC

probe was in Apr-2016. Signs of two undisclosed SEC

investigations found since then, both of which are closed.

Dropped SciClone Pharmaceuticals, Inc. SCLN 7-Jun-2016 26-Jun-2018 #N/A #N/A

An undisclosed SEC investigation now appears over.

SciClone previously disclosed a FCPA probe it resolved in

Feb-2016, but ongoing enforcement proceedings were

then confirmed three times since Jun-2016. In Jun-2017,

a deal was announced to take SciClone private. For this

reason we are also dropping coverage.


Probes Reporter Watch List

August 20, 2018


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Probes Reporter Watch List

August 20, 2018


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