Report: Circuit City May Have Faced SEC Probe
Was Circuit City the subject of an undisclosed SEC investigation? A Fox Business Channel reporter says it may have been, after an independent research firm found evidence of just such an investigation.
Elizabeth MacDonald of Fox Business reported Tuesday, on her “Emac’s Stock Watch” blog, that a Freedom of Information Act request recently filed by the research firm Disclosure Insight found that the Securities and Exchange Commission could not release certain records related to Circuit City, because doing so “could reasonably be expected to interfere with an on-going commission investigation.”
When MacDonald asked Circuit City spokesman William Cimino about the SEC investigation, he replied “there is no probe.” When she followed up and asked whether Circuit City had had any contact with the SEC’s enforcement division in the past year, Cimino said he could not comment, citing company policy.