SEC Investigation Updates: December 30, 2025
Updates on SEC investigative activity - Six (6) companies
All-access clients are welcome to contact us anytime to learn more.
Click on the PDF here to access today’s report or read full text below
Company Comments
AECOM – ACM
Warning Reiterated.
Maintained on DI Watch List. We’ve been tracking an undisclosed SEC investigation here since Dec-2023, with enforcement proceedings again confirmed as ongoing on 18-Dec-2025. Four SEC investigations between 2012 and 2023, one was a FCPA matter in 2014.
EPAM Systems, Inc. – EPAM
Removed from Watch List.
Latest signal, dated 27-Aug-2025, suggested an SEC probe was ongoing. However, as of 10-Dec-2025, our work concludes ongoing SEC enforcement proceedings do not appear to directly pertain to EPAM’s conduct, transactions, and/or disclosures. We also know EPAM was involved in an undisclosed cyber investigation that ended for the company on 12-May-2025. The Trump SEC has shown little interest in pursuing investigations into cyber intrusions. We were tracking this since our Early Signal first received in Oct-2024.
Optimum Communications, Inc., fka, Altice USA, Inc. – OPTU/ATUS
Warning Reiterated.
Maintained on DI Watch List. Enforcement proceedings now confirmed as ongoing three times since Nov-2023, most recently on 16-Dec-2025. Note: Altice USA (ATUS) changed its name to Optimum Communications, effective 07-Nov-2025.
Proctor & Gamble Company – PG
Removed from Watch List.
Removed while we await more data. Undisclosed SEC investigative activity previously confirmed as ongoing twice since Mar-2024, most recently on 02-May-2025. However, we received a “nothing found” response, on 02-Dec-2025, which is inconsistent with earlier responses. We will appeal this latest response and follow-up as needed.
Snowflake, Inc. – SNOW
Removed from Watch List.
An appeal response dated 21-Dec-2025, suggests undisclosed SEC investigative activity involving this company was over. File(s) remanded for additional processing and potential release of records. We will follow-up if we learn more. No other signs of investigative activity in the SEC’s latest response. Early Signal first received on 16-Oct-2024, was then confirmed as an ongoing investigation on 06-Jan-2025.
Tradeweb Markets, Inc. – TW
New Warning.
Early signal of an undisclosed SEC investigation first received on 21-Apr-2025, and again on 03-Sep-2025. It was later confirmed as an ongoing SEC investigation on 18-Dec-2025.
-- Disclosure Insight®
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.
Our Terms of Service, relevant disclosures, and other legal notices can be found here.
The progression from early signal in April to confirmed investigation by December shows a pretty deliberate arc of scrutiny here. What's notable is how they're tracking these signals months before confirmation - that lag time between April/September signals and December confirmation means TW management probably knew this was coming for a while. I've been thru a couple investigtaions with prior teams and the uncertainty during that signal period is brutal. Given TW's role in fixed income trading infrastrcture, curious if this touches operational controls or could be client-related.