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Barry Diller to Pay $480,000 to Settle FTC Allegations Related to Premerger Filing Requirements
MacAndrews & Forbes Holdings Inc.
FTC Finalizes Amendments to the Premerger Notification Rules Related to the Withdrawal of HSR Filings
Investment Firm of MacAndrews & Forbes to Pay $720,000 Penalty to Resolve FTC Allegations Related to Premerger Filing Requirements
Biglari Holdings, Inc.
On 9/25/2012, Biglari Holdings, Inc., a publicly traded holding company, agreed to pay $850,000 to resolve Federal Trade Commission allegations that it violated premerger reporting laws in connection with its 2011 acquisition of a stake in the restaurant operator Cracker Barrel Old Country Store, Inc. At the request of the FTC, the U.S. Department of Justice has filed a complaint for civil penalties, alleging that Biglari improperly failed to report the transaction to U.S. antitrust authorities by claiming the purchases were a “passive” investment when, in reality, Biglari intended to become actively involved in the management of Cracker Barrel. The complaint alleges that, at the time of its acquisitions, Biglari Holdings intended to actively participate in the management of Cracker Barrel, including seeking a seat on the company’s board of directors. As a result, Biglari Holdings was ineligible for the passive investor exemption and was required to submit an HSR notification before acquiring shares of Cracker Barrel in excess of $66 million.
FTC Approves Fiscal Year 2012 HSR Premerger Notification Report Highlighting Merger Enforcement Actions
FTC Seeks Public Comments on Proposed Amendments to the Premerger Notification Rules Related to the Withdrawal of HSR Filings
FTC Announces Revised Thresholds for Clayton Act Antitrust Reviews for 2013
Biglari Holdings, Inc., to Pay $850,000 Penalty to Resolve FTC Allegations That it Violated U.S. Premerger Notification Requirements
FTC Seeks Public Comments on Proposed Amendments to the Premerger Notification Rules Related to the Transfer of Exclusive Patent Rights in the Pharmaceutical Industry
Roberts, Brian L.
On 12/16/2011, Brian L. Roberts, the Chief Executive Officer of Comcast Corporation, agreed to pay a $500,000 penalty to settle Federal Trade Commission charges that he violated the Hart-Scott-Rodino Antitrust Improvement Act (HSR Act) in connection with his acquisitions of Comcast stock between 2007 and 2009. The FTC alleged that Roberts failed to file required notices before acquiring Comcast shares. The amount of the fine was limited by a number of factors, including that the violation was inadvertent and technical; that it was apparently due to faulty advice from outside counsel; that Roberts did not gain financially from the violation; and that he reported the violation promptly once it was discovered.
FTC Obtains $500,000 Penalty For Pre-Merger Reporting Act Violations
FTC, DOJ Announce Changes to Streamline the Premerger Notification Form
Commission Announces Revised Filing Thresholds for Clayton Act Antitrust Reviews; Commission Retains Amplifier Rule; Final Consent Orders against Six Businesses That Claimed to Comply With an International Privacy Framework
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