Research Update - February 10, 2022


Note:  This is only the research summary.  The full 6-page Research Update report with all supporting data and analysis is available to clients by clicking on the attached PDF. 

It was 33 F degrees yesterday and that felt warm.  I’ll take it.  It’s been sub-zero here for the past couple of weeks.  Still Minnesota. Made some nice French onion soup.  Tomato last week.  Both turned out great. Still good snowpack.  Lots of cardinals at the bird bath now, more owls hooting at night too.  Days getting longer.  Awesome.  Let’s get to work. 

Today’s research update only has new additions to our Watch List.  There are now over 80 companies on that list.  Here’s your eight newest additions:

New – Added to Watch List.  Newly confirmed, undisclosed SEC Investigations.

  • Broadridge Financial – BR:  This former Watch List resident is back.
  • Bruker – BRKR: SEC repeat customer. We got docs from the last investigation.
  • Cassava Sciences – SAVA:  First time researching this company.  Controversial.
  • FleetCor Technologies – FLT: Covered since Sep-2012, first time on Watch List. 
  • Freedom Holding – FRHC:  First time researching this company. 
  • General Electric – GE:  Settled with SEC in Dec-2020.  Our data is a year fresher.
  • Harsco – HSC:  Covered since Jun-2012, first time on Watch List. 
  • Perrigo – PRGO:  We also have docs from a 2017 matter.

As a reminder, before we add a company to the Watch List, we do the following for each:

  • We file a FOIA request on the company. We file 2,500 of these a year.
  • Get an indication of an SEC investigation.  But this is not yet confirmed.
  • We file an administrative appeal to confirm this initial finding.
  • Search through two years of SEC filings to see if it’s been disclosed.

The Watch List only tracks companies with confirmed, undisclosed SEC investigations.  An update is published and sent out every month.  

Marketing updateWe continue to study changes to our marketing / distribution strategy.  In this stage, we are giving a lot more people free exposure to our work to grow awareness.  It appears to be having positive impact.  Our inquiries are up and we continue to serve our full service clients well.  More on that later. 

That’s all you get.  As always, I thank you for your ongoing support.  If you like our work, please tell others.   - John