Tuesday, October 11, 2005

Is Fairfax Financial Holdings Under Investigation?

According to a press report in the Wall Street Jrl., "[f]ederal prosecutors in New York have joined a continuing probe by the Securities and Exchange Commission of Fairfax Financial Holdings Ltds." (See Wall Street Jrl here).  The article sources are "people familiar with the investigation."

Interestingly, the company issued a press release here stating "that it has not received a subpoena or other information request from the U.S. Attorney's Office."

But as Reuters notes here the stock fell 8.8 % after the Wall Street Jrl report.

How is it that companies find out from the media when they are being investigated as opposed to from the government? And will the media prove correct here? 

(esp)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2005/10/has_fairfax_rec.html

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