TechFlow News — On September 18, according to an official announcement, the U.S. Federal Trade Commission (FTC) stated that Ryan Cohen, Chairman and CEO of GameStop Corp., has agreed to pay a $985,320 civil penalty for violating the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act). The FTC charged that Cohen acquired over 562,000 voting securities in Wells Fargo & Company, exceeding the HSR filing threshold, but failed to file the required HSR notification and observe the mandatory waiting period. Although Cohen's ownership stake remained below 10%, the FTC determined that his intent to influence Wells Fargo’s corporate decisions disqualified him from the HSR Act’s “passive investment” exemption. The settlement is subject to a 60-day public comment period and final approval by the U.S. District Court for the District of Columbia.
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