Google: Multiple Undisclosed SEC Investigations, Weak Share Price - A Connection Maybe?
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- New Data Re-affirms Risk of an Undisclosed SEC Investigation – Maintained on Watch List.
- Two undisclosed SEC investigations of Google ended in 2014.
- An additional 14-month SEC investigation of Google ended Jan-2012.
We've been tracking undisclosed SEC investigative activity at this company since Apr-2013. In fact, in a letter dated 09-Jun-2014, the SEC had previously confirmed that this company was somehow involved in an active and ongoing investigation that was undisclosed at the time.
In a letter dated 12-Mar-2015, we received new information from the SEC suggesting, again, this company was involved in unspecified SEC investigative activity. We continue to find no disclosure of SEC investigative activity at this time.
We also learned of two undisclosed SEC investigations of Google that ended in 2014. The related documents are posted here. We posted an additional document from our database that relates to an SEC investigation of "Google, Inc." that ran from 24-Nov-2010 and closed on 30-Jan-2012.
During the past two years, the NASDAQ is up over 20%; the S&P 500 is up over 13%. NASDAQ-listed Google has been down -4%. As usual, the SEC refused to release any of the reports that would let investors know what these undisclosed investigations of Google were about.
We filed an administrative appeal to challenge this latest response. In our experience, about two-thirds of these SEC responses are confirmed on appeal.
Our Take: While we reiterate some SEC investigations go nowhere, we still don't like to see this many go undisclosed. Against this backdrop, the price performance of Google shares certainly gives pause. Undisclosed SEC pressure easily could be at the root of that. Unfortunately, so long as the SEC remains adamant about denying the public access to reports it prepares on its closed investigations, investors may never know. Google certainly appears in no rush to tell you, that's for sure.
Notes: The SEC did not disclose the details on investigations referenced above. The SEC reminds us that its assertion of the law enforcement exemption should not be construed as an indication by the Commission or its staff that any violations of law have occurred with respect to any person, entity, or security. New SEC investigative activity could theoretically begin or end after the date covered by this latest information which would not be reflected here.
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