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1704004 Informal Interpretation
Turn Inc., In the Matter of
20170940: ARRIS International plc; Broadcom Limited
20170986: Temasek Holdings (Private) Limited; Great Hill Equity Partners IV, LP
20171001: 3M Company; Johnson Controls International plc
20171017: Francisco Partners IV, L.P.; R2NET Inc.
Ahmet H. Okumus
Hedge fund founder Ahmet H. Okumus has agreed to pay $180,000 in civil penalties to resolve charges that he violated the Hart-Scott-Rodino Act by failing to report his purchases of voting securities in the internet services company Web.com Group Inc. The FTC alleged that Okumus violated the HSR Act by exceeding the filing threshold and failing to file as required when he bought shares of Web.com through his hedge fund, Okumus Opportunistic Value Fund, Ltd. According to the complaint, he was in violation of the HSR Act from June 27, 2016, when he purchased the shares, to July 14, 2016, when he sold enough shares so that he did not exceed the threshold. Although the Commission found his HSR violation to be inadvertent, it determined to seek penalties because, as noted in the complaint, this was Okumus’s second HSR violation in two years regarding Web.com.