Probes Reporter's Latest Updates: Choice Hotels, GlaxoSmithKline, Itron, Kinross Gold And More

Probes Reporter is an independent publisher of investment research with a focus on public company interactions with the Securities and Exchange Commission.

Here is a summary from their latest report, published September 1.

Choice Hotels: Undisclosed SEC Probe

Probes Reporter received a letter from the SEC on July 23 informing them, "We have identified nonpublic files dated August 2014 through December 2014 [for the registrant Choice Hotels International Inc (NYSE: CHH)]."

Probes Reporter added that their own research shows no disclosure of SEC activity, and the SEC did not specify if the company was a direct target of a Commission matter. The only document released was a one-page Case Closing Report dated December 4, 2014.

"As usual, the SEC is doing its part to protect public companies and their auditors (and the SEC Staff itself) by refusing to release the Case Closing Recommendation related to the SEC investigation cited above," Probes Reporter wrote. "A Case Closing Recommendation tells you why an investigation was opened, what took place, and what conclusions were reached. The SEC refuses to let investors see even one word from its Case Closing Recommendations.

"This is one more way for those public companies so inclined to hide things from investors. We remain sharply critical of the SEC for this practice."

GlaxoSmithKline: Two ‘Protracted' SEC Investigations

The SEC confirmed, in a letter dated July 21, an on-going enforcement proceeding against GlaxoSmithKline plc (ADR) (NYSE: GSK). The company is now involved in two "serious" SEC probes, one of which has lasted for five years.

The most recent disclosure stems from a 20-F filed on February 2015, which "The US Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ) initiated an industry-wide enquiry in 2010 into whether pharmaceutical companies may have engaged in violations of the US Foreign Corrupt Practices Act (FCPA) relating to the sale of pharmaceuticals."

Itron: Possible Undisclosed SEC Investigation

Probes Reporter stated that it received information from the SEC in a letter dated July 13 that Itron, Inc. (NASDAQ: ITRI) was involved in "un-specified [sic.] SEC investigative activity." However, the researches "found no disclosure" as of yet.

In addition, the researchers filed an administrative appeal to challenge the response. Approximately two-thirds of SEC responses are confirmed on app,eal but the report stated the following:

"This latest response is a change from the last time we researched this company in Sep-2014 at which time we received information from the SEC to suggest the absence of recent SEC investigative activity."

Kinross Gold: New Data Re-Affirms Risk Of Undisclosed Investigation

Probes Reporter stated that they first learned of an undisclosed SEC investigative activity involving Kinross Gold Corporation (USA) (NYSE: KGC) in December 2014.

In a letter dated January 15, 2015, the SEC had previously confirmed that the company "was somehow involved in an active and ongoing investigation that was undisclosed at the time." In addition, Probers Reporter received a letter dated July 16, 2015, which provided new information from the SEC, reiterating that "the company was involved in unspecified SEC investigative activity."

Finally, Probes Reported stated: "We continue to find no disclosure of SEC investigative activity."

Nationstar Mortgage Holding: Confirmed Investigation

Probes Reporter stated that they first learned of an undisclosed SEC investigative activity involving Nationstar Mortgage Holdings Inc (NYSE: NSM) in a letter dated July 15, 2015.

In a letter dated August 11, 2015, the SEC has confirmed "this company's involvement in on-going enforcement proceedings that remain undisclosed as of this date."

The report added: "All we know about the SEC probe at this time is that it somehow pertains to the conduct, transactions, and/or disclosures of Nationstar Mortgage Holdings Inc."

Tech Data: Confirmed Investigation

Probes Reporter stated that they first learned of an undisclosed SEC investigative activity involving Tech Data Corp (NASDAQ: TECD) in a letter dated July 23, 2015. In a letter dated August 13, 2015, the SEC has confirmed "this company's involvement in on-going enforcement proceedings that remain undisclosed as of this date."

The reported added: "All we know about the SEC probe at this time is that it somehow pertains to the conduct, transactions, and/or disclosures of Tech Data Corporation."

Trinity Industries: Confirmed Investigation

Probes Reporter stated that they first learned of an undisclosed SEC investigative activity involving Trinity Industries Inc (NYSE: TRN)) in a letter dated July 16, 2015. In a letter dated August 13, 2015, the SEC has confirmed "this company's involvement in on-going enforcement proceedings that remain undisclosed as of this date."

The reported added: "All we know about the SEC probe at this time is that it somehow pertains to the conduct, transactions, and/or disclosures of Trinity Industries, Inc."

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