Yep, mostly agree. If the calc is materially off though, I can see a decision potentially going against them. To be clear, to me 7% wouldn't be materially off.

Yep, mostly agree. If the calc is materially off though, I can see a decision potentially going against them. To be clear, to me 7% wouldn't be materially off. 30% would and a reasonable person may decide they must have or should have known the 5% number was misleading. The SEC might, although I'm not sure if them deciding that would be enough.