The SEC has 60 days to either close the inquiry or elevate it to an investigation. Assuming the inquiry opened around the time LINE announced it, than one of those things should happen around August 29th (at the latest).
If it turns out that the staff's initial suspicions do not warrant further review, the MUI can be terminated easily, but if this is not done within 60 days the SEC's computerized case tracking system automatically escalates the MUI to the status of an "informal investigation." At this point, private counsel usually advises the affected company that the informal investigation must be publicly disclosed -- with adverse consequences for the company's stock price--even though it may not have been based on any more information, or on any greater SEC staff consideration, than the original news article, complaint or tip that stimulated the MUI. It is important to note, however, that although the approval of a senior enforcement division official was necessary to open a MUI, no approval is necessary for a MUI to roll over into an informal investigation. Thus, informal investigations can be, and often are, opened without ever being touched by human hands; what started as a quick look for a potential violation has now become a disclosure item for the affected public company.
This just another overly juiced up IPO MLP sold on pie in the sky yields. SEC or not, this just a spin off of marginal assets at a huge price when the timing was perfect. Look at the key statistics, and what do you see? Nothing. Has to be a better way to invest than on blind faith.
The SEC does absolutely no homework. If it was not for the shorts in the market the SEC could lay off 75% of the employees. Look at all the Chinese reverse mergers - SEC investigated them after the shorts did all the work. I am sure there are several US companies that have short sellers claiming "accounting irregularities" then the SEC steps in. Diamond Foods for example...Let me guess LNCO/LINE will be down again tomorrow.