Note:  This is only the research summary.  The full 8-page Research Update report with all supporting data and analysis is available to clients by clicking on the attached PDF. 

We have a lot for you today and this week.  Today it’s updates on 15 companies, all of them on our Watch List.  As we do at the beginning of each new month, we’ll also publish an updated Watch List for you this week.  It shows all the companies on which we are currently tracking confirmed, undisclosed SEC investigations.  Still bitter cold with sunny days and a good snowpack.  Still Minnesota. Lots of cardinals at the bird bath now, sometimes owls hooting at night even. Let’s get to work. 

Watch List Confirmed Updates: An undisclosed SEC investigation is again confirmed as active and ongoing.  Maintained on Watch List.

• Costco Wholesale – COST:  Now confirmed three times since May-2020.
• IQVIA Holdings, Inc. – IQV:  Now confirmed three times since Jun-2020.

Watch List Incremental Updates:  Latest response suggests an undisclosed SEC probe is ongoing, but this has not yet been again confirmed on appeal.  Maintained on Watch List.

• Corteva, Inc. – CTVA: Tracking this since Apr-2021.
• Koppers Holdings – KOP: Tracking this since Mar-2021.
• Lyft, Inc. – LYFT: Tracking since Aug-2020.  CFO left on short notice in December.
• Schlumberger – SLB: Tracking this one a LONG time - since Aug-2016.
• TreeHouse Foods – THS: Tracking this since May-2021.
• Twitter, Inc. – TWTR: At least five undisclosed SEC probes here since 2015.
• Welltower – WELL: Tracking this since Apr-2020.
• Exxon Mobil – XOM: SEC frequent flyer. Tracking this since Feb-2021.

Undisclosed SEC investigative activity now appears over, or no recent signs of SEC investigative activity found.   Removed from Watch List.

• Aon Plc – AON:  No idea what happened with the SEC. Details below.
• Crimson Wine Group Ltd – CWGL:  No idea what happened.  Details below.
• Regeneron Pharmaceuticals, Inc. – REGN: Was in ‘suspend’ status, new data.   
• Rush Enterprises, Inc. – RUSHA: Was in ‘suspend’ status, new data received.     

Rating Suspended  Response inconsistencies from the SEC cause us to suspend our warning to allow further follow-up.

• Blackstone Group, L.P. – BX

Marketing update:  We are changing our marketing / distribution strategy over the coming months.  This will include speaking engagements.  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     

 -  John P. Gavin, CFA