SEC Investigation Updates: December 30, 2025
Updates on SEC investigative activity - Six (6) companies
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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.
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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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