On February 14, 2017, shortly before the end of the trading day, the U.S. Securities and Exchange Commission ("SEC") announced that CVR had settled an SEC probe into the Company's unsuccessful defense against Carl Icahn's 2012 hostile takeover bid. The SEC's investigation focused on whether CVR had properly characterized fees paid to advisers Goldman Sachs and Deutsche Bank to defend against Icahn's tender offer. CVR agreed to settle the probe without admitting or denying wrongdoing, and the SEC stated that the Company would pay no penalty in light of remedial steps it had taken and its "extensive cooperation" with the probe.
On this news, CVR's share price has fallen as much as $0.62, or 2.84%, to a low of $21.23 during intraday trading on February 15, 2017.
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Robert S. Willoughby
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SOURCE Pomerantz LLP