Discovery Executive Fined $1.4 Million For HSR Act Violations

In June 2009, media executive John Malone agreed to pay $1.4 million for violating the pre-merger reporting and waiting requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as amended (HSR Act). The payment settles a complaint for civil penalties that alleges Malone violated the HSR Act in August 2005, when he acquired voting securities of Discovery Holding Co. (Discovery) without complying with the HSR Act's pre-merger notification and waiting period requirements. The complaint also charges that he continued to violate the HSR Act through July 2008 by acquiring additional voting securities of Discovery without complying with the same requirements.

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Published In: Antitrust & Trade Regulation Updates, Civil Procedure Updates, General Business Updates, Mergers & Acquisitions Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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