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US: Nearly 1M unreported Coca-Cola shares lands man $480k settlement fine

 |  July 3, 2013

After purchasing nearly one million shares of Coca-Cola without reporting the buy to regulators, Barry Diller settled with authorities with a $480,000 payment. The settlement followed a complaint issued to the US Federal Trade Commission concerning the unreported buyout; US antitrust law requires notification to both the FTC and the Department of Justice over stock buyouts of such magnitude, as well as a waiting period to determine the effects of competition the buyout would have on the market. According to reports, Diller’s stock acquisitions began in 2010. Diller is the co-creator of the Fox Broadcasting Company and the chairman of IAC/InterActiveCorp.

Full Content: Bloomberg

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