The Federal Trade Commission has fined GameStop CEO Ryan Cohen nearly $1 million for failing to disclose a substantial investment in Wells Fargo. According to a complaint filed by the FTC and the Justice Department in the District of Columbia, Cohen began purchasing Wells Fargo shares in 2016 and accumulated over 562,000 shares by early 2018. By March of the same year, Cohen’s investments surpassed the $100 million threshold, necessitating disclosure under the Hart-Scott-Rodino Act.
Despite reaching this threshold, Cohen did not submit the mandatory filing until January 2023. In addition to his investment actions, Cohen also emailed Wells Fargo’s CEO about potential contributions he could make to the board, underscoring his intent to influence the company’s operations.
For further details, refer to the original article on Law.com.