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FTC: GameStop CEO Fined Nearly $1M by FTC for Violating Antitrust Laws in Wells Fargo Stock Purchase
FTC: GameStop CEO Fined Nearly $1M by FTC for Violating Antitrust Laws in Wells Fargo Stock Purchase
September 27, 2024/
The Federal Trade Commission announced 9/18 that the CEO of GameStop will be paying nearly $1m to settle charges that his acquisition of Wells Fargo shares violated the Hart-Scott-Rodino (HSR) Act. The CEO's acquisition was above the threshold of HSR filing requirements, but he didn't file with the antitrust agencies and wait the required waiting period before proceeding with the purchase. Full complaint details here. The purchase was made in March 2018, and the CEO disclosed it in January 2021. The penalty comes out to ~$900 per day that he was in violation (you're in continuous violation from the time the purchase is made until it's disclosed). The max penalty for HSR Act violations is $51,744 per day, so he got off easy.
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