$BPSR The SEC only issues subpoenas in connection with formal investigations. Most SEC investigations begin informally, and are typically the result of either (i) tips or complaints from the public, or (ii) issues identified in a company’s public filings. The SEC conducts informal investigations as a matter of course, and many of these efforts conclude without further steps being taken. As a result, the institution of a formal investigation is a significant step in itself. It indicates that SEC personnel have determined there are sufficient concerns to devote agency resources to a more in-depth inquiry. While it is possible to resolve a formal SEC investigation without civil or criminal charges being filed, favorably resolving a formal investigation generally requires more than achieving a similar result during an informal inquiry. S1 was in the works so they followed through but subpoena timing stop India results. UMMC results went out 2 days before subpoena…will those be ???