SAN FRANCISCO, Nov. 1 /PRNewswire/ -- ValueAct Capital today confirmed that it is not implicated in the SEC's insider trading complaint against seven defendants, including its former CFO.
George F. Hamel, Jr., ValueAct Capital's Co-Founder and Chief Operating Officer said, "ValueAct Capital remains committed to a culture of strong internal regulatory education and compliance and is a firm believer in the integrity of the markets and a level flow of information available to all investors."
On Friday, October 30, 2009, the SEC filed a complaint against seven individuals, including the former CFO of ValueAct Capital, Ronald Yee, whose alleged involvement related to trading activity that occurred between April and September of 2007. ValueAct Capital fully cooperated with the SEC investigation. In January of 2009, the SEC issued a "No-Action" letter and confirmed that neither ValueAct Capital nor any of its current employees were implicated in the investigation.
ValueAct Capital suspended Mr. Yee in April of 2008 as soon as it was informed by the SEC that he was a subject of a formal investigation. Mr. Yee resigned in June of 2008. The firm immediately informed its investors of the investigation and communicated with them again on Friday, October 30, 2009, to update them on the complaint filed by the SEC.
ValueAct Capital maintains a strong culture of ethics and compliance and requires all employees to participate in rigorous training on how to handle non-public information.
ValueAct Capitalwas formed in June 2000 to manage the capital of its three founders, along with the capital of a limited number of outside investors, in an investment strategy that combines intensive due diligence, a concentrated number of investments, and active, constructive involvement in the value creation at those investments. Today, with offices in San Francisco and Boston, ValueAct Capital manages $3.5 billion on behalf of some of the world's most respected institutional and individual investors.
ValueAct Capital
