Misrepresent implies a willful action and "at best" this was not a willful action. JBI voluntarily restated when the problem became obvious. The company has made it clear that there are no other issues on the table with the Wells notice, so if anything JBI is looking at a minimal fine.
Quite a coinscience that this is very similar to a dismissed lawsuit regarding the same time frame.
If I had to guess how this news was "leaked"...
Someone brought the whole matter of the media credits to the attention of the SEC. At some point the SEC told this person that they were proceeding with the investigation.
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