By Eric Savitz, Forbes Staff Liberty Media disclosed in an SEC filing yesterday that it purchased another 50 million shares in Sirius XM, this time at an average price of $3.1556 apiece. That gives the company just under 2 billion Sirius common shares; include the company’s convertible preferred and note holdings, and Liberty now owns about 50.5% of the satellite radio company’s stock.
Source: FULL ARTICLE at Forbes Latest
Tag Archives: SEC
ETFs Turn 20-Years Old in the U.S.
By Rick Ferri, Contributor The first commercially successful U.S. exchange-trade fund ETF turns 20-years old this month. SPDR S&P 500 (Ticker: SPY) was launched on January 22, 1993 after spending several years in SEC registration. It was an evolution in the mutual fund industry. Today, SPY is the largest ETF by asset in the exchange-traded product industry that has total assets of over $1.4 trillion.
Source: FULL ARTICLE at Forbes Latest
What Exactly Does Michael Dell Have to Sell?
By Joan Lappin, Contributor More than a decade ago during the tech bubble, Dell sold in the 50’s. In the early years 2002-2006, Dell made earnings each quarter because of illegal payments from Intel to be its exclusive provider of “Intel Inside” computer chips. In some quarters the payments from Intel were as much as 75% of reported profits. Ever since the SEC forced Dell to pay a fine for these illegal behaviors and Michael Dell as well, the company has floundered to find its way. Now Michael Dell wants to sell. But who will buy and what are they buying?
Source: FULL ARTICLE at Forbes Latest
FDA Releases St. Jude Warning Letter
By Larry Husten, Contributor The FDA on Tuesday released the full text of a warning letter sent last week to St. Jude Medical. The company had previously disclosed the existence of the letter in an SEC filing but did not make clear the full extent of the FDA warning. The letter from the FDA is the latest in a […]
Source: FULL ARTICLE at Forbes Latest
The ExOne Company Files Registration Statement for Proposed IPO
By MarketNewsVideo The ExOne Company, a global provider of three-dimensional printing machines and printed products to industrial customers, today announced that it has filed a registration statement with the SEC for a proposed IPO of its common stock. The registration statement had previously been submitted on a confidential basis under the JOBS Act. The number of shares to be offered and the price range for the offering have not yet been determined. An application will be made to list the common stock on the Nasdaq Global Market under the symbol “XONE.”
Source: FULL ARTICLE at Forbes Markets
Khuzami leaving SEC, led post-crisis enforcement
Robert Khuzami is leaving the Securities and Exchange Commission after leading the agency’s efforts to penalize the nation’s largest banks for actions that triggered the 2008 financial crisis.
The SEC announced Khuzami’s resignation Wednesday. He was named enforcement director in February 2009, just months after the crisis peaked. In his four years at the helm, he spearheaded investigations that accused banks of misleading investors about risky mortgage securities.
His efforts drew historic SEC settlements. Goldman Sachs agreed in July 2010 to pay $550 million to settle civil charges — the largest penalties paid by a bank in a fraud case. Similar deals followed with Citigroup, JPMorgan Chase and others.
The cases related to the financial crisis resulted in charges against about 150 companies and individuals, and $2.68 billion in fines and restitution, according to the SEC.
Still, critics have said the penalties were small compared with the banks’ revenues. And they complained that no senior executives were held accountable.
Khuzami is stepping down within a month of former SEC Chairman Mary Schapiro’s departure from the agency.
Elisse Walter, one of the SEC commissioners, was appointed by President Barack Obama to replace Schapiro.
Khuzami, a former criminal prosecutor, was a top legal official at Deutsche Bank when Schapiro brought him to restructure the SEC‘s enforcement division. He streamlined operations and created specialized units to focus on key areas, such as mortgage securities fraud, market manipulation and hedge funds.
At the time, the SEC was smarting from its failure to detect the massive Ponzi scheme run by money manager Bernard Madoff.
During his Justice Department tenure, Khuzami prosecuted the “Blind Sheik” Omar Ahmed Ali Abdel Rahman in what was then the largest terrorism trial in U.S. history following the 1993 bombing of the World Trade Center in New York. Ten defendants were convicted of operating a terrorist organization responsible for the bombing, the assassination of Jewish Defense League founder Meir Kahane, and planning bomb attacks on law enforcement and other high-profile targets.
Source: FULL ARTICLE at Fox US News
Verizon Wireless Says 9.8M Smartphone Activations In Q4
By Eric Savitz Verizon this morning said in a filing with the SEC that its Verizon Wireless unit expects to report Q4 retail postpaid subscriber net adds of 2.1 million, with 9.8 million smartphone activations, and “a higher mix of Apple smartphones.” The carrier said that it expects segment EBITDA service margin to be slightly lower than the year ago quarter level. The company noted that it provided the update in connection with this week’s Consumer Electronics Show in Las Vegas.
Source: FULL ARTICLE at Forbes Technology
QGOG Constellation Files for IPO
By MarketNewsVideo QGOG Constellation announced that it filed its registration statement with the SEC today in connection with its IPO of common shares. QGOG Constellation’s common shares are expected to commence trading after the SEC completes its review process. QGOG Constellation has applied to list its common shares on The New York Stock Exchange under the symbol “QGOG”.
Source: FULL ARTICLE at Forbes Markets
Norwegian Cruise Line Announces Launch of IPO
By MarketNewsVideo Norwegian Cruise Line Holdings and NCL Corporation announced today the launch of Norwegian’s IPO of 23,529,412 ordinary shares pursuant to a registration statement on Form S-1 filed with the SEC. Norwegian will grant the underwriters a 30-day option to purchase an aggregate of up to 3,529,412 additional ordinary shares. Norwegian intends to list the ordinary shares on the NASDAQ Global Select Market and, subject to official notice of issuance, the ordinary shares will trade under the symbol “NCLH.”
Source: FULL ARTICLE at Forbes Markets
Supreme Court to weigh in on SEC powers in Gabelli case
The U.S. Supreme Court will on Tuesday join the legal battle over how much leeway the government should have to conduct investigations and impose civil penalties.
Source: FULL ARTICLE at Fox Business Headlines
Alabama DE Dial won't miss time for hit
By Brett McMurphy Alabama senior defensive end Quinton Dial will not miss any playing time Monday for his hit on Georgia quarterback Aaron Murray in last month’s SEC title game.
Source: FULL ARTICLE at ESPN Headlines
Manziel posts 516 total yards in rout of OU
By Associated Press Heisman Trophy winner Johnny Manziel ran for two touchdowns, threw for two more and had a Cotton Bowl-record 516 total yards as 10th-ranked Texas A&M wrapped up its first SEC season with a 41-13 win over No. 12 Oklahoma on Friday night.
Source: FULL ARTICLE at ESPN Headlines
Exclusive: U.S. House panel probes SEC spending on consultants
The U.S. House Oversight Committee is probing the Securities and Exchange Commission‘s spending on outside consultants from Booz Allen Hamilton, saying it is concerned about possible waste.
Facebook Accounting Exec Sells 60,000 Shares
By Eric Savitz, Forbes Staff Facebook chief accounting officer David Spillane disclosed in an SEC filing late Wednesday that he sold 60,000 shares of the company’s stock yesterday at an average price of $27.4991, raising $1.65 million. The shares sold represent about a third of his holdings. According to the filing, Spillane still owns 120,916 shares […]
Source: FULL ARTICLE at Forbes Latest
Acacia Research In Settlement With Apple In Patent Case
By Eric Savitz, Forbes Staff The patent licensing firm Acacia Research this morning disclosed in a filing with the SEC that its Mobile Enhancement Solutions unit has settled a patent lawsuit it had filed against Apple. More specifically Acacia said it has “entered into an agreement that resolves the dispute between the parties” that is now […]
Source: FULL ARTICLE at Forbes Latest
US Justice Department looks into HP's Autonomy acquisition
Hewlett-Packard said in a legal filing last week that the U.S. Department of Justice is investigating its $10.3 billion acquisition of enterprise search company Autonomy, which HP alleges inflated its value through accounting tricks.
HP also said it has provided information to the U.K.’s Serious Fraud Office and the SEC related “to the accounting improprieties, disclosure failures and misrepresentations at Autonomy” prior to the acquisition, according to HP‘s 10-K filing with the U.S. Securities and Exchange Commission (SEC).
HP asked DOJ to investigate
The company said last month it had shared its allegations with those agencies, urging them to open civil and criminal investigations. The DOJ advised HP on November 21 of its investigation, the filing said.
HP disclosed an $8.8 billion write-down in November, around $5 billion of which was attributed to accounting improprieties by Autonomy. The write-down was for impairment of goodwill, a term covering intangible assets such as the value of a brand and good customer relations.
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Source: PCWorld
Justice Department Opens Inquiry Into HP Unit
Hewlett-Packard says the Justice Department is investigating HP‘s business software unit Autonomy, which the computer maker has accused of fudging its accounting . HP revealed the investigation in an SEC filing yesterday. The technology company also said it provided information to the UK Serious Fraud Office and the SEC about accounting…
Source: Newser – Home
HP Says DOJ Probes Autonomy Deal; Mike Lynch Responds
By Eric Savitz, Forbes StaffHewlett-Packard disclosed in its FY 2012 10-K today that the U.S. Department of Justice has begun an investigation related to the company’s acquisition of the U.K.-based software company Autonomy. HP in the filing reiterated that it has provided information to DoJ, the SEC and the U.K. Serious Fraud Office in connection […]
Source: Forbes Latest
Rajaratnam agrees to pay $1.5 million disgorgement in SEC case
U.S. hedge fund manager Raj Rajaratnam has agreed to pay disgorgement of about $1.5 million in a civil lawsuit filed by the Securities and Exchange Commission, and to waive his right to appeal the judgment, court papers showed.
Source: Fox Business Headlines
Health Insurance Innovations Files Registration Statement for Proposed IPO
By MarketNewsVideoHealth Insurance Innovations, a leading developer and administrator of affordable, web-based individual health insurance plans and ancillary products, announced that it has publicly filed a registration statement with the SEC relating to the proposed initial public offering of shares of its common stock. Health Insurance Innovations previously submitted a registration statement to the SEC on a confidential basis under the JOBS Act of 2012. The number of shares to be offered and the price range for the offering have not been determined.
Source: Forbes Markets