9-Sep-2016 - Analyst Summary: As Mondelez draws near the end of what’s been a protracted FCPA investigation, some may be inclined to celebrate the potential for clearing skies ahead. Not so fast, we say. Though the related investigations may end, the changes to accounting and...
Disclosure Insight - Commentary & Analysis
8-Sep-2016 - Analyst Summary: A disclosed SEC investigation is confirmed as on-going. Even though it’s disclosed, we explain why we think it is highly unlikely Akorn’s joint SEC/US Attorney (read: criminal) probes are discounted into the shares. With cut-and-paste...
8-Sep-2016 - Analyst Summary: Sony appears to us as one of those companies that has yet to meet an SEC investigation it thinks needs to be disclosed. We found evidence of at least two sizable SEC probes that went undisclosed by this company in recent years. On those, the SEC...
30-Aug-2016 - Analyst Summary: The shares of BOFI have risen nearly 50% since an 02-Aug-2016 conference call on which the CEO gave an impassioned assurance there was no regulatory risk (The stock was $15.34 at the time). We found the CEOs’ remarks heavily qualified, and in our view...
29-Aug-2016 - Analyst Summary: Information received just last week again confirms existence of an undisclosed SEC probe at Prospect Capital (PSEC). Along with earlier responses received from the SEC (in October & November 2015, as well as January and February 2016), this new...
26-Aug-2016 - Analyst Summary: On 18-Aug-2016, AECOM filed an 8-K in response to a negative report on the company that was published by Spruce Point Capital on 15-Aug-2016. What was missing from that 8-K, and all company filings we searched back to Apr-2012, is any clear disclosure of...
27-Jul-2016 - Analyst Summary: The timing surrounding the disclosure of an SEC investigation reeks of danger. Advanced Drainage Systems has been wrestling with accounting and related woes for over a year now. This report introduces something new to consider that we don’t...
26-Jul-2016 - Analyst Summary: Yesterday, 25-Jul-2016, Mr. Brad Berning, a senior analyst with Craig-Hallum, published a research report in which he wrongly concluded that his, “SEC FOIA Request Reveals No SEC Investigation Into BOFI”. Mr. Berning’s misguided conclusion about the absence of...