Today’s report has new data/comments on the following companies –
- J&J Snack Foods Corp – JJSF
- Philip Morris International Inc. – PM
- SunPower Corporation – SPWR
- Wageworks, Inc. – WAGE
J&J Snack Foods Corp – JJSF: Removed from Watch List. An appeal response dated 27-Mar-2019, tells us SEC investigative activity involving this company was over, with 15 pages of related documents released. They show J&J Snack Foods was investigated in Aug-2017 for potentially filing a 10-Q without required review by an independent public accounting firm. As there were no other signs of investigative activity in the SEC’s latest response, J&J Snack Foods Corp. is removed from our Watch List.
Philip Morris International Inc. – PM: Removed from Watch List. Philip Morris had two undisclosed FCPA investigations in recent years, both now closed. Newly released documents show Philip Morris had a FCPA / bribery investigation which only ended in Oct-2018. The other one, which ended in 2014, involved China. We have investigative records on both. Again, neither was disclosed.
SunPower Corporation – SPWR: Removed from Watch List. Recent data tells us there is no longer an undisclosed SEC investigation of SunPower Corporation. We did receive documents on a closed investigation, however, SunPower’s name does not appear in any of them. The company’s name appearing in the documents is SunRun, Inc. As there were no other signs of investigative activity in the SEC’s latest response, SunPower Corporation is removed from our Watch List.
Wageworks, Inc. – WAGE: In the past there was reference to having 'voluntarily' contacted the SEC, but no clear disclosure was made of an investigation. A review of recent filings now finds clear use of the term, "SEC investigation", so we no longer say this company has an undisclosed SEC investigation. SEC response of 28-Mar-2019, confirms enforcement proceedings are on-going. (A fully updated report will be published later).
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