CandleFocus GameStop CEO Ryan Cohen Agrees to Nearly $1 Million Settlement With FTC
2024-09-18
Author: Content Editor
GameStop CEO Ryan Cohen has agreed to pay a $1 million civil penalty to settle allegations from the Federal Trade Commission (FTC) that he unlawfully bought Wells Fargo securities. The FTC claims that Cohen violated the Hart-Scott-Rodino Act by failing to disclose his purchase of over 562,000 voting securities in the bank. The FTC stated that Cohen's purchase, although below the 10% threshold, violated antitrust laws as he allegedly intended to influence Wells Fargo's business. Cohen will pay $985,320 as part of the settlement. GameStop's share price has fallen 3% to $19.55 on the news.
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