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Strategies & Market Trends : Wells Notice

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To: Tom Swift who started this subject	8/31/2004 1:16:21 PM
From: StockDung	of 24

Hollinger gets Wells notice from SEC By CBS MarketWatch Last Updated: 8/31/2004 1:18:48 AM SAN FRANCISCO (CBS.MW) -- The Securities and Exchange Commission may file a civil lawsuit against Hollinger for alleged securities fraud, the company revealed Monday. Hollinger said it has received a Wells notice from the SEC's Midwest Regional Office that it intends to recommend civil action against the company. Toronto-based Hollinger Inc. (HLG.C) said it received the notice for alleged violations of the U.S. Securities Exchange Act of 1934. Hollinger will be given an opportunity to explain why injunctive action should not be taken. Hollinger Inc., led by mogul Conrad Black, has voting control over publisher Hollinger International (HLR), owner of the Chicago Sun-Times and other newspapers. Hollinger International fired Black from his role as CEO last fall and sued Black, as well as David Radler, its former chief operating officer, and other former top company officials for $200 million, accusing them of pocketing unauthorized payments. Hollinger International later upped the amount of damages it was seeking to $1.25 billion, alleging that the executives violated federal racketeering laws. Shares of Hollinger Inc. fell 30 cents to close at C$4.90 ($3.71) on the Toronto Stock Exchange ahead of the announcement on Monday. Hollinger International fell 6 cents to close at $17.08. © 1997-2004 MarketWatch.com, Inc. Return to top of page

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