The SEC may be investigating one or more activist short sellers, based on its September 2026 FOIA Logs released yesterday. On September 29, 2026, the SEC applied the B7A exemption to a FOIA request from Joe O'Donnell of Canary Data for "any email correspondence” between the SEC and roughly 25 domains associated with the activist short community. The SEC commonly uses the B7A exemption to withhold records that could interfere with an ongoing enforcement proceeding. Most notably, Mr. O'Donnell has filed a similar request every month since March 2025 and has never received a B7A response before. Importantly, this doesn't necessarily mean that any of the named short sellers is under investigation. In fact, the withheld correspondence could relate to an investigation of an entirely different company or an investigative tip from an activist short seller. This could be a very narrow issue or a signal of wider action to come. Other views welcome. //Please note, I removed my original post to choose a better image and improve my wording. Please view all the original FOIA Logs here: