SEC Investigation Updates: October 11, 2025
Eleven (11) Companies: CRM, INN, IPG, LEN, LUV, NUE, PSEC, SLG, SMR, VTRS, XOM
Exxon Mobil Corporation – XOM
Removed from Watch List
Undisclosed SEC investigation ends. We now know of at least four SEC probes of Exxon since Jul-2012. One was a FCPA investigation that ended in Jul-2020. However, a response dated 04-Sep-2025, gives us reason to believe there are no ongoing investigations of Exxon.
Interpublic Group of Companies, Inc. – IPG
Removed from Watch List
Undisclosed SEC investigation ends; we have some of the records. This was a FCPA investigation involving business relationships with a list of Chinese entities. It started in May-2024 and ended almost a year later, in Mar-2025. We were tracking this since our Early Signal first received in Aug-2024.
Document excerpt here –
Lennar Corp. – LEN
Removed from Watch List
Undisclosed SEC investigation ends; we have some of the records. This was an investigation into a Jul-2023 cyber incident that ended in Mar-2025. We’re not surprised it ended. It was almost two years old. Further, this new Trump SEC has shown little interest in pursuing investigations into cyber intrusions. We were tracking this since our Early Signal first received in Jun-2024.
NuCor Corp. – NUE
Removed from Watch List
Undisclosed SEC investigation ends; we have some of the records. This was an investigation going back to as least May 2023, largely focused on all Honduras mining projects of the company. It ended in May-2025. We were tracking this since our Early Signal first received in Nov-2024. The documents we received are analytically rich.
NuScale Power Corp – SMR
Investigative Records Released
Undisclosed SEC investigation ends; we have some of the records. This investigation was titled, “In the Matter of Certain Employment and Separation Agreements.”
You don’t want to see one of these investigations at a company. They signal the SEC had concern about possible violations of an SEC rule where the company could have potentially used employment/consulting agreements or releases to deter people from communicating directly with the SEC about potential securities law violations.
As can be seen below, NuScale’s involvement in this investigation ended in Mar-2025.
Document excerpt here –
Prospect Capital Corp. – PSEC
Removed from Watch List
Undisclosed SEC investigation ends; we have some of the records – including copies of four subpoenas. They are analytically rich and reveal, in detail, that Prospect kept investors in the dark on an in-depth, formal SEC investigation of its investment advisor, Prospect Capital Management, L.P. It just ended in May-2025. We were tracking this since our Early Signal first received in Nov-2024. The research history includes an internal controls shortfall in 2022-2023. Worth noting: Prospect Capital misled investors about SEC investigative activity and attacked our warnings about the same in 2015. Same CEO there today.
Salesforce, Inc. – CRM
Removed from Watch List
Undisclosed SEC investigation ends; we have some of the records. They are analytically rich and reveal Salesforce kept investors in the dark on a meaningful investigation. Running from 2023 to 2025, this formal SEC investigation focused heavily on Salesforce’s “Genie” and “Data Cloud” product. As a reminder, Salesforce launched Genie in September 2022 as a real-time data platform, later renamed Data Cloud. Its debut was clouded by internal controversy, including a lawsuit from a former executive who alleged the platform lacked true real-time capabilities. He claims he was retaliated against for raising concerns. We were tracking this since our Early Signal first received in May-2024.
SL Green Realty Corporation – SLG
Removed from Watch List
Undisclosed SEC investigation ends. In Sep-2025, we learned an undisclosed SEC investigation we first found at SL Green on 12-Aug-2024, was over. We only have two pages of records from this matter, neither of which tell us much except that it ended in Sep-2024. Other than this being the first sign of an SEC probe we found since we started covering SL Green Realty in May-2016, nothing notable in the research history here.
Southwest Airlines Co. – LUV
Removed from Watch List
Undisclosed SEC investigation ends; we have some of the records. This was an investigation into massive flight cancellations in Dec-2022 due to Winter Storm Elliott. An 8-K at the time disclosed that Southwest estimated it lost $400 to $425 million in revenue from this disruption. Our work suggests Southwest may have known about this latest SEC probe since at least Jul-2023. It ended in Sep-2024. We got the related documents in Sep-2025.
Summit Hotel Properties, Inc. – INN
Removed from Watch List
Undisclosed SEC investigation ends; we have some of the records. This investigation was titled, “In the Matter of Certain Employment and Separation Agreements.”
You don’t want to see one of these investigations at a company. They signal the SEC had concern about possible violations of an SEC rule where the company could have potentially used employment/consulting agreements or releases to deter people from communicating directly with the SEC about potential securities law violations. We were tracking this since our Early Signal first received in Aug-2024. Summit’s involvement in this investigation ended in Mar-2025. Here’s the documents the SEC requested from the company in a subpoena sent in Nov-2023 –
Document excerpt here –
Viatris, Inc. – VTRS
Removed from Watch List
Undisclosed SEC investigation ends; we have some of the records. It appears this was a FCPA investigation involving business relationships in Croatia, Bosnia, and Herzegovina. We know it was active in 2024, but don’t know when it ended. We were tracking this since the Early Signal first received in Sep-2023. This was shortly before a new CFO was announced in Dec-2023.
Document excerpt here –
-- Disclosure Insight®
Disclosure Insight research provides data, commentary, and analysis on public company interactions with investors and with the SEC. Our work is heavily reliant on company disclosures and our expertise in using the Freedom of Information Act.
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.
Fascinating to see Exxon quietly removed from the Watch List. The fact that they had at least four SEC probes since 2012 is telling - that's a lot of regulatory scrutny for any company, even one as large as Exxon. The FCPA investigation that ended in 2020 makes sense given their global operations and exposure to corruption risks in various jurisdictions. What's interesting is that based on the September 2025 response, it appears all investigations have wrapped up. I wonder if this clean slate will give them more breathing room with investors, or if the market already priced in these regulatory overhangs. Either way, good timing for them given all the other presures the industry is facing right now.