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January 24, 2013
12:07 EDTFMCNFocus Media reveals SEC probe initiated in March
In a filing from after the market close last Friday, Jan. 18, Focus Media (FMCN) disclosed that on March 14, 2012, the SEC informed the company that it was initiating a non-public investigation into whether there had been any violations of the federal securities laws related to the company. Focus Media stated, "The SEC advised the Company that the existence of the investigation should not be construed as an indication by the SEC or its staff that the Company or any of its officers or directors had violated any of the federal securities laws. As part of its investigation, the SEC requested that the Company voluntarily provide certain documents and other information. The Company agreed to voluntarily cooperate with the SEC and, through its legal counsel, has been cooperating with the investigation by providing the SEC with documents and information as well as having its legal counsel meet with the SEC." Note that Focus Media announced in December that it has agreed to be taken private in a transaction under which the company will be acquired for $5.50 per ordinary share, or $27.50 per American depositary share. Following Bloomberg headlines related to the disclosure of the SEC probe, Focus Media shares are down 93c, or 3.61%, to $24.86.
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