Southwest Airlines Co., the US carrier, is under scrutiny from the Securities and Exchange Commission (SEC) due to its inclusion of adjusted revenue in its fourth-quarter earnings report. The SEC only allows companies to adjust revenue figures under limited circumstances. This raises concerns that Southwest may be at risk of a comment letter from the commission, which could lead to further review or even enforcement action.
Source: https://www.marketwatch.com/story/southwest-risks-regulatory-scrutiny-after-including-adjusted-revenue-with-quarterly-numbers-a2173885