WeChat, the popular instant messaging app, is now a stock under investigation by the U.S. Securities and Exchange Commission (SEC).
According to an SEC filing on Wednesday, the regulator has launched an investigation into WeChat for potential violations of the Exchange Act.
In September, WeChat said that it had been conducting “unannounced research” in relation to WeChat Stock and was not currently taking actions related to it.
At the time, the company said that the investigation was part of a broader investigation into the company’s practices, and that it planned to report its findings to the SEC.
In late September, the SEC announced that it would begin an investigation of WeChat and the WeChat platform, with a focus on possible violations of securities laws and regulations.
In the filing, the agency said that a “market study” on WeChat was being conducted by “two of the largest companies in the market,” and that one of the companies had been “investigating WeChat since April 2017.”
This week, the stock market saw a huge drop, and by Wednesday afternoon the stock had lost almost 30% of its value.
The filing, however, didn’t give a date for when the SEC would make a final decision on the case.