Is it really up to the SEC to do this? It sets a precedent. Now will they be liable if they don't warn people about other companies with similar names? With 3 and 4 letter tickers, many companies are 1 letter off.
COKE is routinely mistaken for Coca Cola, but the SEC doesn't intervene because COKE is a real operating company. So I think this is not a sign of overreach from the SEC.