There are varying degrees of SEC investigations. This is an INFORMAL INQUIRY, as mild as they come. The panic selling is crazy. Typically if there is any wrong doing (and even when there's not), the company involved usually takes the route of "no comment." The fact that LINN is speaking out and reaffirming the dividend and cooperating with SEC shows they are confident that they are clean. Sure, some would say that LINN is just saying that stuff to cover their tracks, but if you know how these things work, no guilty company is ever this forthcoming.
from BRY news, this observation:
"Wunderlich isn't concerned about the SEC's move as it thinks it's just the regulator doing due diligence on a first-of-its-kind deal as a public corporation is being acquired by an upstream MLP or LCC"
Let's look at what happened to SAC Capital. Unconditional cooperation with the feds doesn't mean that everything will be all right. SAC Capital eventually ended their unconditional cooperation with the SEC. This in turn meant trouble for their overall AUM as investors withdrew more money from the firm.
I'm still trying to figure out what the SEC is investigating. Maybe that is the problem with the stock. Non-GAAP accounting is just a suggestion by Managment on how to look at the stock, typically focusing on cash flow not GAAP assumptions (which can be heavily manipulated). So there is nothing to restate.