As part of a routine quality control review, we recently discovered, and have now corrected, a flaw in the process we use to determine if a public company has disclosed an SEC probe. Unfortunately, that means we now have two corrections to report to you. 

In two instances; Flowserve (FLS) and CVR Energy (CVI), we mistakenly said these two companies had undisclosed SEC investigations.  The Flowserve error occurred in May-2015.  The CVR Energy error was in Apr-2015. 

Both companies had, in fact, disclosed the existence of SEC investigative activity at the time of our reports which said otherwise.  Both companies are now removed from our Watch List of companies with undisclosed SEC probes.

It is a labor-intensive effort to discern whether a public company has disclosed an SEC probe.  Typically, such disclosures are buried deep inside SEC filings; often, with careful wordsmithing designed to make them hard to find them or less-than-obvious.  Nonetheless, we usually find them and it does remain rare when we have to issue corrections.  We apologize for having to do so today and can assure you steps have already been taken to improve our process.