For the SEC, it’s not fraud when someone contends that a stock is undervalued, even if such arguments are disseminated to millions through social media. What becomes problematic is if investors post specific claims that aren’t opinions, such as asserting that a company is planning to file for bankruptcy. But homing in on such commentary, figuring out who’s behind it and what their motives are can be difficult for government agencies with limited resources like the SEC.

By this assertion, Melvin Capital is the one who should be investigated