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DI Alert: Carvana - CVNA 2026 0617

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DI Alert: Hub Group – HUBG 2026-0611

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SEC Investigation Updates - NF - June 09, 2026

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DI Watch List - June 04, 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.

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DI's Early Signals Report: May 29, 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 - May 28, 2026

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

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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.

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SEC Investigation Updates - NF - May 27, 2026

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SEC Investigation Updates - NF - May 07, 2026

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SEC Investigation Updates - NF - May 04, 2026

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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.

Share

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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.

Share

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DI's Early Signals Report: April 08, 2026

412KB ∙ PDF file

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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

Click on the printable PDF below to access the full DI Watch List.

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.

Share

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

428KB ∙ PDF file

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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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