Five Unexpected “Nothing Found” FOIA Responses From the SEC
Spidey senses now tingling.
This month’s Watch List update took an unexpected turn.
Within a 10‑day period in December, we received SEC responses on five Watch List companies stating the agency “did not locate or identify any records responsive to [our FOIA] request.”
These responses are inconsistent with responses we received within the last year on these companies. Each had previously been confirmed as having active, ongoing SEC investigative activity.
Even if those investigations have since closed, we would normally expect to see some record of prior activity. Instead, we received five “nothing found” replies in close succession. Spidey senses now tingling.
After 25 years of tracking undisclosed SEC investigations, this pattern is unusual enough to merit a standalone alert. It also comes as the number of companies we are tracking with confirmed but undisclosed SEC investigations has already fallen sharply — from 120 earlier in the year to 59 as of our December Watch List update.
For now, each of the five companies below is being removed from the Watch List while we await more data. We will appeal each of these responses and continue to follow up as needed. The full Watch List update — including all additions, removals, and status changes — will be published Sunday evening. Full notes below the table.
Note: A previous version of this report included a reference to Project 2025 that has been removed to uphold our standards for accuracy and non-partisanship.
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Company Comments
CNH Industrial NV – CNHI
Removed from Watch List.
Removed while we await more data. We received a “nothing found” response on CNH on 10-Dec-2025, which is inconsistent with earlier responses.
Undisclosed SEC investigation last confirmed as ongoing on 27-May-2025. CEO resigned; announced Apr-2024, effective 01-Jul-2024. Timing of that CEO resignation is interesting since our work suggests CNH Industrial may have known about an SEC probe since at least May-2024. We will appeal this latest response and follow-up as needed.
Nektar Therapeutics - NKTR
Removed from Watch List.
Removed while we await more data. We received a “nothing found” response on Nektar on 12-Dec-2025, which is inconsistent with earlier responses.
Undisclosed SEC investigative activity was confirmed as ongoing six times since Oct-2020, most recently on 27-May-2025. Abrupt departure of CFO on 01-Jul-2022. We will appeal this latest response and follow-up as needed.
Proctor & Gamble Company – PG
Removed from Watch List.
Repeat of note published 30-Dec-2025
Removed while we await more data. We received a “nothing found” response on P&G on 02-Dec-2025, which is inconsistent with earlier responses.
Undisclosed SEC investigative activity previously confirmed as ongoing twice since Mar-2024, most recently on 02-May-2025. We will appeal this latest response and follow-up as needed.
SentinelOne, Inc. – S
Removed from Watch List.
Removed while we await more data. We received a “nothing found” response on SentinelOne on 09-Dec-2025, which is inconsistent with earlier responses.
Undisclosed SEC investigative activity now confirmed twice since Apr-2024, most recently on 08-May-2025. Ask if the SEC is investigating matters raised in the Fortis litigation. We will appeal this latest response and follow-up as needed.
Tutor Perini Corporation – TPC
Removed from Watch List.
Removed while we await more data. We received a “nothing found” response on Tutor Perini on 10-Dec-2025, which is inconsistent with earlier responses.
Early signal received on 04-Apr-2024, then confirmed as an ongoing investigation, as of 12-Jun-2024. Latest signal, dated 06-Jan-2025, suggests an SEC probe is ongoing; not yet confirmed. We will appeal this latest response and follow-up as needed.
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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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