SEC investigations are vital in capital markets, yet not all reach investors due to firms not being obligated to disclose them during the investigation. We examine investor reactions to voluntarily disclosed SEC investigations, considering varying levels of managements responsibility acceptance and different communication modes. We predict and find using Experiment 1 that investors are more willing to invest when firms voluntarily disclose SEC investigations, particularly when higher managements responsibility acceptance is assumed. We predict and find using Experiment 2 that investors are more willing to invest when SEC investigations disclosures are voluntarily disclosed by managers through the annual report rather than through Twitter, while in non-voluntary disclosure cases, investors prefer Twitter over annual reports. Our findings shed light on the consequences of voluntary SEC investigation disclosure and information withholding, offering insights to help firms enhance their disclosure practices during regulatory investigations.