At issue are two releases issued by National Beverage CEO Nick Caporella, which noted the company had “magnified” proprietary sales metrics to create “growth never before thought possible,” according to the Wall Street Journal. In one release, the company’s billionaire leader touted what he called velocity predictors, noting that “retailers are amazed by these methods.”

In its filing, the SEC requested that National Beverage explain these measurements “or explain why you do not believe this disclosure is necessary.”

But much like LaCroix has cultivated characteristic secrecy about its ingredients and corporate culture, the company also declined to provide the SEC with its figures. “This information is as secretive as the formulas of our beverages and should not be disclosed to our competition,” National Beverage’s controller Gregory Cook wrote in response to the regulatory agency.

Seltzer sales have surged in recent years and caused soda competitors to rethink strategy. Earlier this year, Coca-Cola relaunched Diet Coke with some new flavors and slimmed down can design to boost sales. PepsiCo also got into the flavored sparkling beverage game by introducing Bubly, a seltzer that comes in eight fruit flavors.