Nokia Corporation (NOK): No Records Found on Appeal, As We Expected.  In a letter dated 25-Nov-2014, we received information from the SEC suggesting this company was involved in unspecified SEC investigative activity.  As a matter of law, the SEC was acknowledging some sort of investigative activity. 

While true the SEC has repeatedly blocked our access to investigative records on Nokia back to Dec-2012, the response pattern we’ve seen from the SEC is not consistent.  An appeal response dated 22-May-2014 gives suggestion there may be not be an investigation involving the company, but some other person or entity in which Nokia was incidentally mentioned and/or tangentially listed.

We did file an administrative appeal to challenge this latest denial.  Given the history, we previously wrote that this investigation may not be confirmed on appeal.  We were right.  It was not. 

In a response to our appeal dated 15-Jan-2015, the SEC has now informed us there are no records responsive to our request.  While the SEC’s letter was not specific, we were told this could mean --

• There was an investigation that concluded in the past but the SEC’s records were not current at the time of our request
   
• Alternatively, there may be an investigation involving not the company, but some other person or entity in which the company was incidentally named or tangentially listed.

Based on new information presented here, we are removing Nokia from our Watch List.

To learn more on our process and what our findings mean, click here.

Notes: The SEC did not disclose the details on investigations referenced above. 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.  New SEC investigative activity could theoretically begin or end after the date covered by this latest information which would not be reflected here.