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DI's Early Signals Report: April 30, 2026

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What’s an Early Signal?

DI’s EARLY SIGNALS are only POSSIBLE indicators of SEC investigative activity.

We are publishing these data to give you the earliest indication of the existence of a possible SEC investigation.

That is why we use the term “possible” in describing SEC investigations at this point in our research process. We will only describe an investigation as “confirmed” after we file an administrative appeal and have received a response that says as much.

Important: 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. In its responses, the SEC did not disclose the details on investigative activity referenced herein. They may pertain to the conduct, transactions, and/or disclosures of the companies; but that is not yet confirmed.

The data we present here is recently received. New SEC investigative activity could theoretically begin or end after the date covered by the latest information in this report, which would not be reflected here. Unless we indicate otherwise, we will continue the research process on these companies and may publish updates at any time.

The FOIA data reflected in this report are only current as of the dates indicated for each individual company. Similarly, public company activities and/or disclosures made since the dates indicated herein could impact your analysis.

Only companies with confirmed, undisclosed SEC investigations are maintained on our Watch List of companies with undisclosed SEC investigations. If SEC investigative activity has already been disclosed by a company as we go to print, we will endeavor to tell you as much. Further, we may have researched and published on some of these companies in the past.

It’s also possible some of the companies are already on our Watch List of companies with Confirmed, Undisclosed SEC Investigations. An update to our Watch List report is published at the beginning of each month.

There are several reasons the SEC might cite the law enforcement exemption as basis to block our access to records. Not all would be of concern to investors today.

After we receive an Early Signal of a possible SEC investigation, we then file an administrative appeal with the Office of the General Counsel of the SEC on the company in question. After careful review of our appeal, the General Counsel’s office typically informs us of one of the following:

1. An ongoing enforcement proceeding is confirmed. Only then will we use the term “confirmed” next to the company’s name on our Watch List. At this point, we believe the investigation does pertain to the conduct, transactions, and/or disclosures of the companies.

2. There is an investigation in the present day in which enforcement proceedings remain ongoing, however, they only relate to the company. An example is when a company gets caught up is a larger multi-company investigation that remains ongoing, but the company is no longer directly involved.

3. There was an investigation that is now over and the file has been remanded for further processing. We may learn more about what took place if the SEC provides documents to us.

4. There are no records responsive to our request. This could be because 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.

5. Rarely, the appeal response will inform us a clerical error was made by the SEC’s FOIA Office in processing our original request.

All-access clients are welcome to contact us anytime to learn more.

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This program went well beyond traditional public markets, the core focus of my work at Disclosure Insight.

We learned what families are allocating into and, notably, where they are growing more cautious. This included considerable time on -

• Private equity;
  Private credit;
  Real estate;
  Other alternatives; and,
  How risk is being managed across increasingly complex structures.

It was interesting to hear what is now happening at the exit stage, where friction is starting to show up in ways unexpected. From the reactions of fellow students and instructors, I get the sense there’s growing nervousness around alternative assets. Watch this space.

We also spent time on governance and how it differs between families, private companies, and institutions - and where it tends to break down for high net worth families.

One theme came up repeatedly: Sustaining wealth across generations is more fragile than most assume. Those patterns are remarkably consistent across regions and cultures - but they can be mitigated with the right structures.

This new learning should help with my work at Disclosure Insight and also with my board work outside of DI.

As many of you know, in recent years I have pursued formal board training, including becoming Director Certified by the National Association of Corporate Directors in early 2025 (the NACD.DC you now see after my name). I am also a member of the Private Directors Association.

I have served on nonprofit boards and currently serve on advisory boards at my college and a private cybersecurity company.

My time at Wharton builds on all of this, particularly for private company boards and family office investment committees.

Thanks for taking a moment out of your busy earnings season for this personal update. Back to the research grind now …

As always, I thank you for your ongoing support — John

• John P. Gavin, CFA, NACD.DC

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SEC Investigation Updates - NF - April 23, 2026

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DI's Early Signals Report: April 22, 2026

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What’s an Early Signal?

DI’s EARLY SIGNALS are only POSSIBLE indicators of SEC investigative activity.

We are publishing these data to give you the earliest indication of the existence of a possible SEC investigation.

That is why we use the term “possible” in describing SEC investigations at this point in our research process. We will only describe an investigation as “confirmed” after we file an administrative appeal and have received a response that says as much.

Important: 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. In its responses, the SEC did not disclose the details on investigative activity referenced herein. They may pertain to the conduct, transactions, and/or disclosures of the companies; but that is not yet confirmed.

The data we present here is recently received. New SEC investigative activity could theoretically begin or end after the date covered by the latest information in this report, which would not be reflected here. Unless we indicate otherwise, we will continue the research process on these companies and may publish updates at any time.

The FOIA data reflected in this report are only current as of the dates indicated for each individual company. Similarly, public company activities and/or disclosures made since the dates indicated herein could impact your analysis.

Only companies with confirmed, undisclosed SEC investigations are maintained on our Watch List of companies with undisclosed SEC investigations. If SEC investigative activity has already been disclosed by a company as we go to print, we will endeavor to tell you as much. Further, we may have researched and published on some of these companies in the past.

It’s also possible some of the companies are already on our Watch List of companies with Confirmed, Undisclosed SEC Investigations. An update to our Watch List report is published at the beginning of each month.

There are several reasons the SEC might cite the law enforcement exemption as basis to block our access to records. Not all would be of concern to investors today.

After we receive an Early Signal of a possible SEC investigation, we then file an administrative appeal with the Office of the General Counsel of the SEC on the company in question. After careful review of our appeal, the General Counsel’s office typically informs us of one of the following:

1. An ongoing enforcement proceeding is confirmed. Only then will we use the term “confirmed” next to the company’s name on our Watch List. At this point, we believe the investigation does pertain to the conduct, transactions, and/or disclosures of the companies.

2. There is an investigation in the present day in which enforcement proceedings remain ongoing, however, they only relate to the company. An example is when a company gets caught up is a larger multi-company investigation that remains ongoing, but the company is no longer directly involved.

3. There was an investigation that is now over and the file has been remanded for further processing. We may learn more about what took place if the SEC provides documents to us.

4. There are no records responsive to our request. This could be because 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.

5. Rarely, the appeal response will inform us a clerical error was made by the SEC’s FOIA Office in processing our original request.

All-access clients are welcome to contact us anytime to learn more.

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SEC Investigation Updates - NF - April 15, 2026

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DI Alert: FactSet Research Systems FDS 2026-0412

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DI's Early Signals Report: April 12, 2026

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What’s an Early Signal?

DI’s EARLY SIGNALS are only POSSIBLE indicators of SEC investigative activity.

We are publishing these data to give you the earliest indication of the existence of a possible SEC investigation.

That is why we use the term “possible” in describing SEC investigations at this point in our research process. We will only describe an investigation as “confirmed” after we file an administrative appeal and have received a response that says as much.

Important: 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. In its responses, the SEC did not disclose the details on investigative activity referenced herein. They may pertain to the conduct, transactions, and/or disclosures of the companies; but that is not yet confirmed.

The data we present here is recently received. New SEC investigative activity could theoretically begin or end after the date covered by the latest information in this report, which would not be reflected here. Unless we indicate otherwise, we will continue the research process on these companies and may publish updates at any time.

The FOIA data reflected in this report are only current as of the dates indicated for each individual company. Similarly, public company activities and/or disclosures made since the dates indicated herein could impact your analysis.

Only companies with confirmed, undisclosed SEC investigations are maintained on our Watch List of companies with undisclosed SEC investigations. If SEC investigative activity has already been disclosed by a company as we go to print, we will endeavor to tell you as much. Further, we may have researched and published on some of these companies in the past.

It’s also possible some of the companies are already on our Watch List of companies with Confirmed, Undisclosed SEC Investigations. An update to our Watch List report is published at the beginning of each month.

There are several reasons the SEC might cite the law enforcement exemption as basis to block our access to records. Not all would be of concern to investors today.

After we receive an Early Signal of a possible SEC investigation, we then file an administrative appeal with the Office of the General Counsel of the SEC on the company in question. After careful review of our appeal, the General Counsel’s office typically informs us of one of the following:

1. An ongoing enforcement proceeding is confirmed. Only then will we use the term “confirmed” next to the company’s name on our Watch List. At this point, we believe the investigation does pertain to the conduct, transactions, and/or disclosures of the companies.

2. There is an investigation in the present day in which enforcement proceedings remain ongoing, however, they only relate to the company. An example is when a company gets caught up is a larger multi-company investigation that remains ongoing, but the company is no longer directly involved.

3. There was an investigation that is now over and the file has been remanded for further processing. We may learn more about what took place if the SEC provides documents to us.

4. There are no records responsive to our request. This could be because 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.

5. Rarely, the appeal response will inform us a clerical error was made by the SEC’s FOIA Office in processing our original request.

All-access clients are welcome to contact us anytime to learn more.

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DI's Early Signals Report: April 08, 2026

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What’s an Early Signal?

DI’s EARLY SIGNALS are only POSSIBLE indicators of SEC investigative activity.

We are publishing these data to give you the earliest indication of the existence of a possible SEC investigation.

That is why we use the term “possible” in describing SEC investigations at this point in our research process. We will only describe an investigation as “confirmed” after we file an administrative appeal and have received a response that says as much.

Important: 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. In its responses, the SEC did not disclose the details on investigative activity referenced herein. They may pertain to the conduct, transactions, and/or disclosures of the companies; but that is not yet confirmed.

The data we present here is recently received. New SEC investigative activity could theoretically begin or end after the date covered by the latest information in this report, which would not be reflected here. Unless we indicate otherwise, we will continue the research process on these companies and may publish updates at any time.

The FOIA data reflected in this report are only current as of the dates indicated for each individual company. Similarly, public company activities and/or disclosures made since the dates indicated herein could impact your analysis.

Only companies with confirmed, undisclosed SEC investigations are maintained on our Watch List of companies with undisclosed SEC investigations. If SEC investigative activity has already been disclosed by a company as we go to print, we will endeavor to tell you as much. Further, we may have researched and published on some of these companies in the past.

It’s also possible some of the companies are already on our Watch List of companies with Confirmed, Undisclosed SEC Investigations. An update to our Watch List report is published at the beginning of each month.

There are several reasons the SEC might cite the law enforcement exemption as basis to block our access to records. Not all would be of concern to investors today.

After we receive an Early Signal of a possible SEC investigation, we then file an administrative appeal with the Office of the General Counsel of the SEC on the company in question. After careful review of our appeal, the General Counsel’s office typically informs us of one of the following:

1. An ongoing enforcement proceeding is confirmed. Only then will we use the term “confirmed” next to the company’s name on our Watch List. At this point, we believe the investigation does pertain to the conduct, transactions, and/or disclosures of the companies.

2. There is an investigation in the present day in which enforcement proceedings remain ongoing, however, they only relate to the company. An example is when a company gets caught up is a larger multi-company investigation that remains ongoing, but the company is no longer directly involved.

3. There was an investigation that is now over and the file has been remanded for further processing. We may learn more about what took place if the SEC provides documents to us.

4. There are no records responsive to our request. This could be because 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.

5. Rarely, the appeal response will inform us a clerical error was made by the SEC’s FOIA Office in processing our original request.

All-access clients are welcome to contact us anytime to learn more.

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DI Watch List - April 02, 2026

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As a reminder, a company will only appear on the DI Watch List if we believe the ongoing and undisclosed SEC investigative activity we find directly pertains to its conduct, transactions, and/or disclosures.

If you’re a professional interested in learning more about our all-access service level, feel free to email or call me. No matter your service level, my goal is to help you make money and, above all, avoid losses.

Please tell others. As always, thank you for your support. - John

John P. Gavin, CFA, NACD.DC

Service Note: Access to DI research will become more structured in the new year, with a dedicated tier for readers who want content only and a very limited number of new All‑Access institutional engagements for those who need direct analyst access. If you rely on this work, this is a good moment to stay close.

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When we alert you to existence of an undisclosed SEC probe, that means we filed a Freedom of Information Act (FOIA) request with the United States Securities and Exchange Commission (SEC) on the company in question and have a response, in black-and-white, on government letterhead that supports our statement. The only thing we know at this time is that the investigation(s) somehow pertains to the conduct, transactions, and/or disclosures of the companies referenced.

This report does not constitute investment advice or an offering to buy, sell or recommend any securities. The information herein is distributed purely as a newsworthy event. All information contained herein is derived from publicly-available disclosures as made by the companies cited in this report, and/or documents obtained from the U.S. Securities and Exchange Commission.

SEC Investigation Updates - April 01, 2026

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All-access clients are invited to contact us anytime to discuss any company.

This report does not constitute investment advice or an offering to buy, sell or recommend any securities. The information herein is distributed purely as a newsworthy event. All information contained herein is derived from publicly-available disclosures as made by the companies cited in this report, and/or documents obtained from the U.S. Securities and Exchange Commission.

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SEC Investigation Updates - NF - March 31 2026

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SEC Investigation Updates - NF - March 17, 2026

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DI's Early Signals Report: Marc h 12, 2026

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What’s an Early Signal?

DI’s EARLY SIGNALS are only POSSIBLE indicators of SEC investigative activity.

We are publishing these data to give you the earliest indication of the existence of a possible SEC investigation.

That is why we use the term “possible” in describing SEC investigations at this point in our research process. We will only describe an investigation as “confirmed” after we file an administrative appeal and have received a response that says as much.

Important: 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. In its responses, the SEC did not disclose the details on investigative activity referenced herein. They may pertain to the conduct, transactions, and/or disclosures of the companies; but that is not yet confirmed.

The data we present here is recently received. New SEC investigative activity could theoretically begin or end after the date covered by the latest information in this report, which would not be reflected here. Unless we indicate otherwise, we will continue the research process on these companies and may publish updates at any time.

The FOIA data reflected in this report are only current as of the dates indicated for each individual company. Similarly, public company activities and/or disclosures made since the dates indicated herein could impact your analysis.

Only companies with confirmed, undisclosed SEC investigations are maintained on our Watch List of companies with undisclosed SEC investigations. If SEC investigative activity has already been disclosed by a company as we go to print, we will endeavor to tell you as much. Further, we may have researched and published on some of these companies in the past.

It’s also possible some of the companies are already on our Watch List of companies with Confirmed, Undisclosed SEC Investigations. An update to our Watch List report is published at the beginning of each month.

There are several reasons the SEC might cite the law enforcement exemption as basis to block our access to records. Not all would be of concern to investors today.

After we receive an Early Signal of a possible SEC investigation, we then file an administrative appeal with the Office of the General Counsel of the SEC on the company in question. After careful review of our appeal, the General Counsel’s office typically informs us of one of the following:

1. An ongoing enforcement proceeding is confirmed. Only then will we use the term “confirmed” next to the company’s name on our Watch List. At this point, we believe the investigation does pertain to the conduct, transactions, and/or disclosures of the companies.

2. There is an investigation in the present day in which enforcement proceedings remain ongoing, however, they only relate to the company. An example is when a company gets caught up is a larger multi-company investigation that remains ongoing, but the company is no longer directly involved.

3. There was an investigation that is now over and the file has been remanded for further processing. We may learn more about what took place if the SEC provides documents to us.

4. There are no records responsive to our request. This could be because 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.

5. Rarely, the appeal response will inform us a clerical error was made by the SEC’s FOIA Office in processing our original request.

All-access clients are welcome to contact us anytime to learn more.

Share

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DI Report: Freedom Holding - FRHC 2026-0301

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Warning on a Newly Disclosed SEC Investigation

Summary & Opinion:

Heads up – One of the dirtiest companies we follow and warned on repeatedly has given us a gift. Freedom Holding (FRHC) finally disclosed the SEC investigation we first found in October 2021. As one does when in the company of a pack of thieves, we’ll adopt the vernacular and note Freedom Holding is now singing like a canary about its own SEC investigation. But why? This level of detail and transparency is way out of character for this company. We have an idea or few on this.

To us, even in this light-touch SEC environment, it’s clear Freedom Holding’s SEC investigation has gone south.

If correct, this disclosure reads more confessional than anything else. It’s that “come-to-Jesus” disclosure your lawyers craft for you to provide defenses later – you know, when things go bad and investors try claiming they were left in the dark. Therein lies the gift. It appears insiders know bad news is coming. Soon. Very soon.

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From the Freedom Holding 10-Q filed 09-Feb-2026:

Since 2021, the Company and certain officers and directors have received several document subpoenas, document requests and subpoenas and requests for testimony from the SEC’s Division of Enforcement. The requested information relates to a number of topics, including the settlement practices and relationships with certain institutional market makers of certain of non-U.S. broker-dealer subsidiaries, and has included our accounting practices, disclosures, and internal controls. The matter is ongoing, and the Company is cooperating with the SEC. The Company face risks and uncertainties relating to the duration, outcome or impact of the inquiry on its business, including the amount of any fines or other penalties. Any of the foregoing could, individually or in the aggregate, materially adversely affect, the Company’s reputation, business, financial condition, results of operations, prospects, and cash flows.

DI’s Take:

We received our early signal of an undisclosed SEC investigation at Freedom Holding in Oct-2021 and warned repeatedly on it since. We went further, also calling this one of dirtiest companies we follow. Its investigation now disclosed, FRHC is removed from the DI Watch List of companies with undisclosed SEC probes.

Given the history we found here, this first-time disclosure of its long-running SEC investigation is not likely indicative of a company newly committed to transparency. It was already under investigation by the time Hindenburg Research issued its warning in Aug-2023. Yet the company said nothing about SEC involvement then – nor when rebutting that report in Jan-2024.

There’s also no disclosure language to suggest the SEC investigation is nearing its end, nor is it likely to close with a wrist slap or small penalty. Instead, Freedom Holding warns of a wide array of potential consequences from the SEC probe, some of which could easily be severe.

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Developments of Note:

Like us, the auditor had concerns years ago at Freedom Holding. In Jul‑2022, the auditor at the time declined re‑appointment for the fiscal year ending 31‑Mar‑2023 — and bolted much earlier, at the end of the Jun‑2022 quarter. That is extremely rare. Apparently, the auditor saw enough to want out fast.

• DI’s Early Signal of undisclosed SEC probe: Oct-2021.

• Abrupt departure of auditor: Jul‑2022.

• Two restatements: Nov-2022 and Mar-2023.

• Long-running internal controls problems.

• Multiple delayed SEC filings (10 Ks and 10 Qs).

• Repeated Nasdaq non-compliance/de-listing notices

• Big fat raises for C-suite executives announced same day of a second delisting notice: Aug-2023.

• Hindenburg Research warning, Aug-2023,Brazen Sanctions Evasion, Hallmarks of Fabricated Revenue and Risky Bets with Commingled Customer Funds

– John P. Gavin, CFA, NACD.DC

Assess the Risk. Achieve the Return.®

Disclosure Insight research provides data, commentary, and analysis on public company interactions with investors and with the SEC. Our work is heavily reliant on company disclosures and our expertise in using the Freedom of Information Act.

This report does not constitute investment advice or an offering to buy, sell or recommend any securities. The information herein is distributed purely as a newsworthy event. All information contained herein is derived from publicly available disclosures as made by the companies cited in this report, and/or documents obtained from the U.S. Securities and Exchange Commission.

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The works of authorship contained in the accompanying material, including but not limited to all data, design, text, images, charts and other data compilations or collective works are owned by Disclosure Insight, Inc. or one of its affiliates and may not be copied, reproduced, transmitted, displayed, performed, distributed, rented, sublicensed, altered, or stored for subsequent use, in whole or in part in any manner, without the prior written consent of Disclosure Insight, Inc.

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SEC Investigation Updates - NF - February 27, 2026

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SEC Investigation Updates - NF - February 17, 2026

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SEC Investigation Updates - NF - February 10, 2026

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DI's Early Signals Report: February 08, 2026

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Service Note: Access to DI research will become more structured in the new year, with a dedicated tier for readers who want content only and a very limited number of new All‑Access institutional engagements for those who need direct analyst access. If you rely on this work, this is a good moment to stay close.

What’s an Early Signal?

DI’s EARLY SIGNALS are only POSSIBLE indicators of SEC investigative activity.

We are publishing these data to give you the earliest indication of the existence of a possible SEC investigation.

That is why we use the term “possible” in describing SEC investigations at this point in our research process. We will only describe an investigation as “confirmed” after we file an administrative appeal and have received a response that says as much.

Important: 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. In its responses, the SEC did not disclose the details on investigative activity referenced herein. They may pertain to the conduct, transactions, and/or disclosures of the companies; but that is not yet confirmed.

The data we present here is recently received. New SEC investigative activity could theoretically begin or end after the date covered by the latest information in this report, which would not be reflected here. Unless we indicate otherwise, we will continue the research process on these companies and may publish updates at any time.

The FOIA data reflected in this report are only current as of the dates indicated for each individual company. Similarly, public company activities and/or disclosures made since the dates indicated herein could impact your analysis.

Only companies with confirmed, undisclosed SEC investigations are maintained on our Watch List of companies with undisclosed SEC investigations. If SEC investigative activity has already been disclosed by a company as we go to print, we will endeavor to tell you as much. Further, we may have researched and published on some of these companies in the past.

It’s also possible some of the companies are already on our Watch List of companies with Confirmed, Undisclosed SEC Investigations. An update to our Watch List report is published at the beginning of each month.

There are several reasons the SEC might cite the law enforcement exemption as basis to block our access to records. Not all would be of concern to investors today.

After we receive an Early Signal of a possible SEC investigation, we then file an administrative appeal with the Office of the General Counsel of the SEC on the company in question. After careful review of our appeal, the General Counsel’s office typically informs us of one of the following:

1. An ongoing enforcement proceeding is confirmed. Only then will we use the term “confirmed” next to the company’s name on our Watch List. At this point, we believe the investigation does pertain to the conduct, transactions, and/or disclosures of the companies.

2. There is an investigation in the present day in which enforcement proceedings remain ongoing, however, they only relate to the company. An example is when a company gets caught up is a larger multi-company investigation that remains ongoing, but the company is no longer directly involved.

3. There was an investigation that is now over and the file has been remanded for further processing. We may learn more about what took place if the SEC provides documents to us.

4. There are no records responsive to our request. This could be because 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.

5. Rarely, the appeal response will inform us a clerical error was made by the SEC’s FOIA Office in processing our original request.

All-access clients are welcome to contact us anytime to learn more.

Share

On 04-Feb-2026, Uber announced its CFO, Prashanth Mahendra-Rajah, will leave the role, effective 16-Feb-2026. His replacement will be Uber’s third CFO since 2023. We’ve also been tracking an undisclosed SEC investigation at Uber since Jan-2025

In 2025, Uber filed its 10-K on 14-Feb-2025. It looks like the current CFO is leaving just as the 2026 one is due. When the new 10-K comes out, watch for who’s listed as CFO. If Mahendra-Rajah isn’t listed as CFO, that suggests he didn’t want to be accountable for it - not a good sign.

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The CFO Departure

Per the Uber Technologies 8-K filed 04-Feb-2026 –

On February 4, 2026, Uber Technologies, Inc. (the “Company”) announced that Prashanth Mahendra-Rajah, Chief Financial Officer, will step down from his role on February 16, 2026 … Mr. Mahendra-Rajah will serve as a Senior Finance Advisor reporting to CEO Dara Khosrowshahi through July 1, 2026.

These guys are gushing all over each other as the CFO heads toward the door. So why is he leaving so abruptly?

The answer may be found in this fluff about the company wishing “him the best in an exciting new opportunity that he will share more about soon.”

Perhaps it’s nothing, but we’ve also never seen language like that regarding a CFO departure.

[CEO Dara] Khosrowshahi said: “I want to thank Prashanth for everything he’s done for Uber. He’s been a great partner in getting us to investment-grade status, spearheading our first share repurchase program, and steering us through several major acquisitions. We all wish him the best in an exciting new opportunity that he will share more about soon.”

… Mr. Mahendra-Rajah said: “I want to express my sincere gratitude to Dara and the Uber leadership team. Uber is a once-in-a-generation company with many years of extraordinary growth ahead, and it has been a true privilege to play my part in its success. I also want to congratulate Balaji, who is a superb executive and someone who I’m confident will take Uber to the next level.”

The Undisclosed SEC Investigation

In our work, the Early Signal of an undisclosed SEC investigation at Uber was first received on 17-Jan-2025, and later confirmed as an ongoing SEC investigation on 02-May-2025. New research in-process as of Nov-2025.

• John P. Gavin, CFA, NACD.DC

SEC Investigation Updates - January 30, 2026

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This report does not constitute investment advice or an offering to buy, sell or recommend any securities. The information herein is distributed purely as a newsworthy event. All information contained herein is derived from publicly-available disclosures as made by the companies cited in this report, and/or documents obtained from the U.S. Securities and Exchange Commission.