Babcock & Wilcox Enterprises, Inc. - SEC Investigation Update

Babcock & Wilcox Enterprises, Inc. – BW:  In reviewing BW’s disclosures of an SEC investigation (that we knew about 5 months before the company first disclosed it), we found two subtle language changes in the recent disclosures that we view as dangerous to the outlook.  These changes are so subtle, we suspect they were missed by even close followers of company.  Full details appear in today’s report.

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