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Tuesday, July 23, 2019

Justice Department targets Ahmet Okumus for alleged HSR Act violations

By Mark Iandolo | Feb 1, 2017

WASHINGTON (Legal Newsline) — The Department of Justice announced a civil antitrust lawsuit Jan. 17, filed at the request of the Federal Trade Commission (FTC), against Ahmet Okumus.


The lawsuit, filed in U.S. District Court for the District of Columbia, charges Ahmet Okumus with violations of the premerger notification and waiting period requirements of the Hart-Scott-Rodino (HSR) Act of 1976. Okumus allegedly ignored the waiting period requirements when acquiring voting securities of Web.com Group Inc. in 2016.


At the same time it filed the lawsuit, the department filed a proposed settlement, which will be subject to approval by the court. In the agreement, Okumus will pay $180,000 in civil penalties to resolve the allegations.


The HSR Act enforces waiting period requirements for transactions of certain sizes so that the proper authorities can give the merger a pre-merger antitrust review. Federal courts can assess penalties for violations of this rule, up to $40,000 per day. The proposed settlement is consistent with the rules of the Tunney Act and will be published in the Federal Register after a 60-day public comment period. After 60 days, the U.S. District Court for the District of Columbia can approve the settlement.

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U.S. Department of Justice