SEC Investigation Updates: May 21, 2025
Updates on SEC investigative activity - Eight (8) companies
All-access clients are welcome to contact us anytime to learn more.
Today’s report -
AutoNation, Inc. - AN
Broadcom, Inc. - AVGO
CBIZ, Inc. - CBZ
Cisco Systems, Inc. - CSCO
International Paper Co. - IP
Procter & Gamble Company, The - PG
SentinelOne, Inc. - S
ZoomInfo Technologies, Inc. - ZI
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COMPANY COMMENTS
AutoNation, Inc. – AN
Warning Reiterated – SEC investigation again confirmed as ongoing. Earliest signal of undisclosed SEC investigative activity first found at AutoNation on 17-Jul-2023. Enforcement proceedings now confirmed as ongoing three times since, most recently on 02-May-2025. A cyber incident in June 2024 could have triggered its own SEC investigation, but our early signal came a full year earlier, in Jul-2023, suggesting whatever we've been tracking since then has nothing to do with it. Maintained on DI Watch List.
Broadcom, Inc. – AVGO
Warning Reiterated – Two undisclosed SEC investigations now identified, one remains ongoing. Early signal of a possible SEC investigation received on 29-Mar-2024. Enforcement proceedings now confirmed as ongoing two times since, most recently on 08-May-2025. In this same May-2025 response, the SEC told us of two SEC investigations here; only one is remains ongoing. Maintained on DI Watch List.
CBIZ, Inc. – CBZ
Warning Reiterated – Three undisclosed SEC investigations now identified, one remains ongoing. Early signal of undisclosed SEC investigative activity first found on 11-May-2023, now confirmed as ongoing two times since, most recently on 02-May-2025. In its May-2025 response, the SEC told us of three SEC investigations here; only one remains ongoing. Maintained on DI Watch List.
Cisco Systems, Inc. – CSCO
New Warning. Early signal of a possible SEC investigation received on 08-Jan-2025. Signal was then confirmed as an ongoing investigation on 02-May-2025 This is consistent with responses dated between Feb-2023 and May-2024, when we knew there was a FCPA investigation involving China which the company said was over. Over time we found Cisco has a history of hiding things from you. Make sure to ask if there are any other SEC investigations you have not been told about. Added to DI Watch List.
International Paper Co. – IP
New Warning. Early signal of a possible SEC investigation received on 08-Jan-2025. Signal was then confirmed as an ongoing investigation on 02-May-2025.
Busy Guy – Watch out for this highly unusual arrangement: Andy Silvernail, Chair and CEO of International Paper, also serves as the Audit Committee Chair for Stryker Corporation (SYK). This is rare, given that the Audit Committee is widely considered the most time-intensive board committee.
International Paper initially disclosed his audit chair position at Stryker when he became CEO in Mar-2024. But the Sep-2024 announcement of his additional role as Chairman only noted his membership on the Stryker board, leaving out his continued audit chair responsibilities. Stryker’s appointment of a new CFO effective in Apr-2025, will further increase the Audit Committee’s workload – and distraction for Mr. Silvernail. Added to DI Watch List.
Procter & Gamble Company, The – PG
Warning Reiterated – SEC investigation again confirmed as ongoing. Early signal of a possible SEC investigation received on 07-Mar-2024. Enforcement proceedings confirmed as ongoing two times since, most recently on 02-May-2025. Maintained on DI Watch List.
SentinelOne, Inc. – S
Warning Reiterated – SEC investigation again confirmed as ongoing. Early signal of a possible SEC investigation received on 29-Apr-2024. Enforcement proceedings confirmed as ongoing two times since, most recently on 08-May-2025. Ask if the SEC is investigating matters raised in the Fortis litigation.
Fortis litigation: In the 10-Q filed 05-Dec-2023, SentinelOne disclosed litigation in which the plaintiff, Fortis, claims the company’s SEC filings allegedly contained materially false or misleading statements about its annual recurring revenues. The case is captioned Fortis Advisors LLC v. SentinelOne, Inc., Case No. 2023-0946-VLM. Maintained on DI Watch List.
ZoomInfo Technologies, Inc. – ZI
Undisclosed SEC Investigation Appears Over. Early signal of undisclosed SEC investigative activity first found on 10-Jul-2023, then confirmed as ongoing twice, most recently on 12-Jun-2024. Latest signal, 17-Jan-2025, suggested an SEC probe was ongoing. However, an appeal response dated 02-May-2025, now suggests SEC investigative activity involving this company is over. File(s) remanded for additional processing and potential release of records. If we learn more, we’ll let you know. Removed from DI Watch List.
-- John P. Gavin, CFA, NACD.DC