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| VALU > SEC Filings for VALU > Form 8-K on 4-Nov-2009 | All Recent SEC Filings |
4-Nov-2009
Change in Directors or Principal Officers, Other Events, Financial Statements and
In line with the Board of Directors' action reported in the Company's announcement of September 11, 2009, Howard A. Brecher, Chief Legal Officer, has become Acting Chairman and Acting CEO in addition to his current positions as of November 4, 2009. His appointment follows the resignations of Jean Bernhard Buttner as CEO, Chairman, President, and Director, and of David Henigson as Vice President and Director of the Company.
Mr. Brecher, age 56, has been an officer of the Company for more than 17 years. In addition to Chief Legal Officer, Secretary and Vice President of the Company, Mr. Brecher is also Vice President and Secretary of the Value Line Family of Funds since June 2008, Secretary of EULAV Asset Management, LLC since February 2009, and Vice President, Secretary, Treasurer, General Counsel and a Director of Arnold Bernhard & Co., Inc., the parent of the Company. Mr. Brecher is a graduate of Harvard University, Harvard Business School and Harvard Law School. He also holds a Master's Degree in tax law from New York University.
On November 4, 2009 Value Line, Inc. (the 'Company") issued the attached press release announcing that the Securities and Exchange Commission (the "SEC") has approved the Company's proposed settlement (the "Settlement") regarding an SEC investigation relating to commissions paid by nine Value Line equity mutual funds to an affiliated brokerage subsidiary. The proposed settlement had previously been disclosed in a press release and in Form 8-K dated September 11, 2009, incorporated herein by reference. In the Settlement, Value Line neither admits nor denies the investigation's findings. The Company chose to settle to avoid costly and protracted litigation.
Value Line has restructured its investment management subsidiary and brokerage relationships and is confident that they conform to applicable regulatory requirements. Value Line management ended the mutual funds' use of the affiliated brokerage in 2004.
(d) Exhibits.
Exhibit Number Description
99.1 * Press release dated November 4, 2009.
* Filed electronically herewith.
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