Lions Gate To Pay SEC $7.5M For Takeover Evasion Tactics

Law360, New York (March 13, 2014, 4:37 PM EDT) -- Lions Gate Entertainment Corp. has agreed to pay the U.S. Securities and Exchange Commission $7.5 million, admitting to allegations it violated federal securities laws by failing to disclose material information about its effort to block a takeover by billionaire investor Carl Icahn.

The SEC faulted the studio for failing to disclose the details of an “extraordinary” three-part set of transactions it enacted to put more than 16 million shares of its stock in the hands of a friendly director in order to defeat Icahn’s hostile takeover...
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