IF Twitter filed reports that were false, the SEC can come down on them for fraud against investers.
The bigger threat to Twitter’s leadership will be their legal exposure to civil lawsuits by major shareholders.
That’s why every concession Musk has won in this pissing match was immediately preceded by threats of legal action by GOP governors of large states with massive pension funds who can demonstrate tangible losses due to malfeasance or mismanagement by Twitter’s leadership.