Tesla Unmoved By Rumor Of SEC Inquiry
Tesla Motors Inc (NASDAQ: TSLA) was little changed on a rumor it could be the subject of an undisclosed inquiry from the Securities and Exchange Commission.
Probes Reporter floated the idea in Tweet Monday.
— Probes Reporter™ (@probesreporter) November 24, 2014
Also Monday, the website filed similar, unrelated reports concerning Gencorp Inc., Blackstone Group L.P., Legg Mason Inc. and Oshkosh Corp.
Probes Reporter, formerly known as SEC Insight, was founded by former stock analyst John P. Gavin and says it makes about 2,500 information requests annually to the SEC under the Freedom of Information Act.
Gavin gained credibility 13 years ago with a negative report on Enron about a month before the company collapsed.
Some have since suggested that Galvin is sometimes aligned with short sellers, although his reports are often accurate and occasionally move markets.
The company says it reports a "possible probe" if the SEC cites a law enforcement exemption to deny access to its records.
"We then add the company to our Watch List as a company with a "Possible Undisclosed SEC Investigation," according to SEC Probe.
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