The Probes Reporter™ Watch List tracks those companies involved in undisclosed SEC investigative activity.  Names are added to and removed from this list frequently based on responses we receive to Freedom of Information Act (FOIA) requests we file with the SEC.  This is our latest update.

Affiliated Managers Group Inc. (AMG)  
Confirmed, Undisclosed SEC Investigation  - Protracted
Maintained on Watch List

• 28-Jul-2014:  In response to our administrative appeal, the SEC confirmed an on-going enforcement proceeding for this company.  No disclosures of SEC investigative activity were found in the past two years of this company’s SEC filings.
   
• 16-Jul-2014: The SEC again cites the "law enforcement exemption" of the FOIA as basis to deny the public access to the detailed records we sought on this company.  As a matter of law, they are acknowledging some sort of investigative activity. We filed an administrative appeal to challenge this denial.
   
• 02-Jul-2013: The SEC cites the "law enforcement exemption" of the FOIA as basis to deny the public access to the detailed records we sought on this company.  As a matter of law, they are acknowledging some sort of investigative activity.
   
• 02-Aug-2012:  SEC indicates no recent investigative activity found.

No documents were provided to us on this company for any of our searches.

Our Take:  We consider an SEC investigation lasting more than a year as protracted.  If the SEC investigation of Jul-2013 is the same as the one recently confirmed then this one qualifies as it’s been going on for more than a year.  In our experience, it's bad when a company waits a long time to disclose an SEC probe.  It speaks to potential for overall weakness in disclosures as management may have standards of materiality potentially incompatible with investors.
 

Broadcom Corporation (BRCM)  
No Records Found on Appeal
Removed from Watch List

• 18-Aug-2014:  In response to our administrative appeal, 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 and the company was incidentally named or tangentially listed.
• 24-Apr-2014, 27-Dec-2013, and 14-Dec-2012: The SEC cites the "law enforcement exemption" of the FOIA as basis to deny the public access to the detailed records we sought on this company.  As a matter of law, they are acknowledging some sort of investigative activity. We filed an administrative appeal to challenge this denial.
   
• Except for the appeal response of 18-Aug-2014, above, at no time since early 2012 has the SEC given us a response on this company that indicates no recent investigative activity found.

In addition to denying the public access to certain records on BRCM, we were provided over 50 of records related to two formal SEC investigations, both of which ended in early 2013.  Those with an interest in those documents should contact us.

Our Take:  Some kind of SEC investigation was clearly taking place involving this company in the past few two years.  As is standard practice, the SEC denied public access to the reports that summarize what took place in this company’s closed probes. We think this harms investors and violates the FOIA.
 

Gulfport Energy Corp. (GPOR)   
Confirmed, Undisclosed SEC Investigation 
Maintained on Watch List

• 30-Jul-2014:  In response to our administrative appeal, the SEC confirmed an on-going enforcement proceeding for this company.  No disclosures of SEC investigative activity were found in the past two years of this company’s SEC filings.
   
• 23-Jul-2014: The SEC cites the "law enforcement exemption" of the FOIA as basis to deny the public access to the detailed records we sought on this company.  As a matter of law, they are acknowledging some sort of investigative activity. We filed an administrative appeal to challenge this denial.
   
• 15-Aug-2013:  SEC indicates no recent investigative activity found.

No documents were provided to us on this company for any of our searches.
 

Hess Corporation (HES)   
Confirmed, Undisclosed SEC Investigation 
Maintained on Watch List

• 23-Jul-2014:  In response to our administrative appeal, the SEC confirmed an on-going enforcement proceeding for this company.  No disclosures of SEC investigative activity were found in the past two years of this company’s SEC filings.
   
• 19-Mar-2014 and 21-Feb-2013: The SEC cites the "law enforcement exemption" of the FOIA as basis to deny the public access to the detailed records we sought on this company.  As a matter of law, they are acknowledging some sort of investigative activity. We filed an administrative appeal to challenge this denial.
   
• Except for the appeal response of 23-Jul-2014, above, at no time since Jan-2013 has the SEC given us a response on this company that indicates no recent investigative activity found.

In addition to denying the public access to certain records on HES, we were provided a five page document from Apr-2013 that refers to “Certain Illicit Payments to Libyan Officials”.  Those with an interest in this document should contact us.

Our Take:  It’s important to note there is a recently confirmed, undisclosed SEC investigation involving this company.  We think it is separate from any reason the SEC denied the public access to records on HES in the past. As is standard practice, the SEC denied public access to the reports that summarize what took place in this company’s closed probes. We think this harms investors and violates the FOIA.

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.