Pinky, er, Dan Loeb, escaped SEC spanking ...
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S.E.C. Drops Investigation Into Third Point
June 15, 2010, 7:11 am
The Securities and Exchange Commission has ended an investigation of Third Point, The Wall Street Journal reported, citing a letter sent to the hedge fund’s investors.
In 2008, the regulator began an investigation into Third Point’s communications with other hedge funds.
In a letter to investors at the time, Third Point’s chief, Daniel S. Loeb, said that conversations with other funds “permit us to test our hypotheses and refine our thinking and, as a result, we believe that participating in give-and-take with other managers is in the best interest of our investors.”
“Our outside counsel has examined this matter thoroughly and assured us that our position is consistent with the securities laws and that we have not violated any law in connection with these communications,” Mr. Loeb added.
In a letter dated June 11, posted on DealBreaker, the hedge fund told investors that it had been informed by the S.E.C. that “no further action will be taken.”
In the same letter, the hedge fund said that its Third Point Partner LP fund was up 16.6 percent in the first quarter. |
