Public enforcement affects reputations too. The Securities and Exchange Commission (SEC) enforcement actions, in particular, play a key role in shaping the behavior of publicly traded companies. Much like with private litigation, SEC enforcement shapes behavior not just through imposing fines but also through producing information. This chapter examines how effective SEC enforcement practices are in generating valuable information and facilitating reputational sanctioning. Switching our focus from Delaware litigation to SEC investigations enriches our understanding of the law-and-reputation theory and illustrates its broad applicability. Most notably, we learn how regulatory enforcement actions generate different reputational dynamics than private litigation.