SEC Investigation Updates: June 17, 2025
Updates on SEC investigative activity - Six (6) companies
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Today’s report -
C3.ai, Inc. - AI
Caesars Entertainment Corp. - CZR
CNH Industrial NV - CNHI
FactSet Research Systems, Inc. - FDS
Nektar Therapeutics - NKTR
Science Applications International Corp. - SAIC
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COMPANY COMMENTS
C3.ai, Inc. – AI
Warning Reiterated. SEC investigation again confirmed as ongoing. Early signal of a possible SEC investigation received on 08-Jul-2024. Enforcement proceedings confirmed as ongoing two times since, most recently on 27-May-2025. This remains our first time researching C3.ai. No clear disclosure of SEC investigative activity found in a search of SEC filings back to the 10-Q filed 01-Sep-2022.
Notable Item: In early Apr-2023, shares of C3.ai lost nearly 40% after a short report published by Kerrisdale Capital. That easily could have been the catalyst that brought in SEC investigators. Maintained on DI Watch List.
Caesars Entertainment Corp. – CZR
Warning Reiterated. SEC investigation again confirmed as ongoing. Early signal of a possible SEC investigation received on 09-May-2024. Enforcement proceedings confirmed as ongoing two times since, most recently on 27-May-2025. This is a change from a response dated 29-Nov-2021, at which time no signs of ongoing SEC investigative activity were found. A search of SEC filings, back to the 10-Q filed 04-May-2022, found no clear disclosure of SEC investigative activity. Notable Item: In the 8-K filed 14-Sep-2023, a cyber intrusion was first disclosed. That could be what brought in SEC investigators. Maintained on DI Watch List.
CNH Industrial NV – CNHI
Warning Reiterated. SEC investigation again confirmed as ongoing. Early signal of a possible SEC investigation received on 15-May-2024. Enforcement proceedings confirmed as ongoing two times since, most recently on 27-May-2025. This remains our first time researching CNH Industrial. A search of SEC filings, back to the 6-K dated 05-May-2022, found no clear disclosure of SEC investigative activity. Notable Item: CEO resigned, per an 8-K filed 22-Apr-2024: On 20-Apr-2024, Scott Wine resigned as CEO effective as of 01-Jul-2024. Timing of the CEO resignation is interesting since our work suggests CNH Industrial may have known about an SEC probe since at least May-2024. Maintained on DI Watch List.
FactSet Research Systems, Inc. – FDS
New Warning. Early signal of a possible SEC investigation received on 26-Feb-2025. Signal was then confirmed as an ongoing investigation on 13-May-2025 This is a change from a response dated 05-Jun-2024, at which time no signs of ongoing SEC investigative activity were found. A search of SEC filings, back to the 10-Q filed 03-Apr-2023, found no clear disclosure of SEC investigative activity. Added to DI Watch List.
Nektar Therapeutics – NKTR
Warning Reiterated. SEC investigation again confirmed as ongoing. An early signal of undisclosed SEC investigative activity first found on 07-Oct-2020. Enforcement proceedings now confirmed as ongoing six times since, most recently on 27-May-2025. No clear disclosure of SEC investigative activity found in a search of Nektar’s SEC filings back to Oct-2018. Notable Item: Abrupt departure of CFO on 01-Jul-2022. You never want to see the sudden departure of a CFO, even more so in the presence of an undisclosed SEC investigation. Maintained on DI Watch List.
Science Applications International Corp. – SAIC
Warning Reiterated. SEC investigation again confirmed as ongoing. Early signal of a possible SEC investigation received on 28-Jun-2024. Enforcement proceedings confirmed as ongoing two times since, most recently on 27-May-2025. This remains is a change from a response dated 23-Aug-2023, at which time no signs of ongoing SEC investigative activity were found. No clear disclosure of SEC investigative activity found in a search of SEC filings back to the 10-Q filed 06-Jun-2022. This remains the first time finding an SEC investigation here since we started covering Science Applications in Sep-2015. Maintained on DI Watch List.
-- John P. Gavin, CFA, NACD.DC
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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