The SEC now invokes a 10-day extension following a flood of GameStop FOIA requests after a Reddit user was denied the information.
A recent post by a Reddit user has brought attention to the challenges of obtaining critical market data, specifically regarding the missing Fails-to-Deliver (FTD) data for GameStop Corp. (GME).
We published the user’s entire experience to raise awareness on this wide concern amongst many retail investors.
In short, the user, along with many other investors have expressed concerns that the missing data suggested possible intentional withholding of crucial market information.
Who are they protecting?
This is what Main Street wants to know.
In December, this particular user received a generic denial from the SEC, citing “confidential commercial or financial information” under Exemption 4 of FOIA.
They claimed that releasing the data could cause foreseeable harm.
This is particularly frustrating to the retail community, as the SEC routinely publishes similar FTD data.
Now the SEC has invoked a 10-day extension after receiving numerous GameStop FOIA requests.
User ReesePolitics shared on X, formerly Twitter, a letter from the SEC detailing the following:
“This letter is an acknowledgement of your FOIA request dated January, 1, 2025, and received in this office on January 2, 2025 for records regarding Fails-to-Deliver (FTD) for GameStop Corp. (GME).
Your request has been assigned tracking number [omitted] FOIA.
Your request will be assigned to a Research Specialist for processing and you will be notified of the findings as soon as possible.
We will be unable to respond to your request within the Freedom of Information Act’s twenty day statutory time period, as there are unusual circumstances which impact on our ability to quickly process your request.
Therefore, we are invoking the 10-day extension.
These unusual circumstances are: (a) the need to search for and collect records from an organization geographically separated from this office; (b) the potential volume of records responsive to your request; and (c) the need for consultation with one or more other offices having a substantial interest in either the determination or the subject matter of the records.
For these reasons, we will process your case consistent with the order in which we received your request.
If you do not receive a response after thirty business days from when we received your request, you have the right to seek dispute resolution services from an SEC FOIA Public Liaison or the Office of Government Information Services (OGIS).”
Requests can be submitted via email at foiapa@sec.gov or through the SEC’s online form [here].
Together, we can work towards uncovering the truth about GME and related market activities, fostering greater accountability in our financial systems.
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