Wells Fargo analyst David Maris reported that the SEC informed the firm last week that it is keeping from the public certain documents related to Valeant's use of non-GAAP accounting because they are part of internal reports that may contain recommendations for future actions or comment letters related to Valeant or more broadly related to the use of non-GAAP financials. Maris contend this could either mean that Valeant's use of non-GAAP financials was more problematic than previously thought or that broader regulations non-GAAP accounting may be coming. The analyst keeps an Underperform rating on Valeant shares.