Our Videos

December 16, 11

NEWS / CEO of Comcast Brian Roberts to Pay $500,000 Civil Penalty for Violating Antitrust Premerger Notific


Violations Occurred When Roberts Acquired Comcast Voting Securities

WASHINGTON Ė Comcast Corporationís CEO Brian L. Roberts will pay a $500,000 civil penalty to settle charges that he violated premerger reporting and waiting requirements when he acquired Comcast voting securities, the Department of Justice announced today.



The Justice Departmentís Antitrust Division, at the request of the Federal Trade Commission, filed a civil antitrust lawsuit today in U.S. District Court in Washington, D.C., against Roberts for violating the notification requirements of the Hart-Scott-Rodino (HSR) Act of 1976. At the same time, the department filed a proposed settlement that, if approved by the court, will settle the charges.



Roberts is also chairman of the board of Comcast, a leading provider of cable television services headquartered in Philadelphia.



According to the complaint, Roberts failed to comply with the antitrust premerger notification requirements of the HSR Act before acquiring voting securities of Comcast as part of his compensation as chairman and chief executive officer of Comcast beginning on Oct. 22, 2007, which resulted in his holding more than $119.6 million of Comcast stock. On Aug. 25, 2009, Roberts made a corrective filing for Comcast voting securities he had acquired. Although this is the first time Roberts has been charged with an HSR Act violation, previously he had twice made corrective filings regarding transactions that he acknowledged were reportable under the HSR Act, asserting that the failures to file and observe the waiting period were inadvertent.



The Hart-Scott-Rodino Act of 1976, an amendment to the Clayton Act, imposes notification and waiting period requirements on individuals and companies over a certain size before they consummate acquisitions resulting in holding stock or assets above a certain value, which was $59.8 million in 2007 and is currently $66 million.



Federal courts can assess civil penalties for premerger notification violations under the HSR Act in lawsuits brought by the Department of Justice. For a party in violation of the HSR Act before Feb. 10, 2009, the maximum civil penalty is $11,000 a day for each day it is in violation of the Act. For a party in violation of the HSR Act on or after Feb. 10, 2009, the maximum penalty is $16,000 a day.

http://www.justice.gov/opa/pr/2011/December/11-at-1655.html

Tags: corporation,
 




Testimonials

AnnaMaria Realbuto
Thank you for all your assistance and efficiency...
Read More »
Kateryna Melnychenko
Thanks a lot Anton!...
Read More »
Rani Payne
Thank you so much! Iím sure I will be in touch again with something else that will need to be apost...
Read More »
Serge Bauer Law
Thank you again for your help with this case!...
Read More »



FAQ

Do I need a permit or license for my business?
Read More »
Since when does the Wassenaar Arrangement exist?
Read More »
Is there a waiting period? Can we get married right away?
Read More »
If a student was not in an authorized period of OPT on the eligibility date, can the student work during the cap gap extension?
Read More »






News

April 11, 23
Fleetwood Mac keyboardist and vocalist Christine McVie died of stroke and cancer-death certificate
Read More »
March 27, 23
China joins Apostille Convention
Read More »
March 18, 23
California to permanently seal old convictions on criminal records
Read More »
March 3, 23
Saudi Arabia issues guidance on apostille procedure
Read More »