The SEC, which is investigating whether Doyle Brunson\’s $700 million bid to take over the World Poker Tour violated federal securities laws, asked Wallace Nakano, Brunson\’s website operator, to testify about the buyout offer.
According to the lawsuit, the Brunson\’s website firstly publicized the July 8 buyout offer which “caused WPT\’s stock price to rise sharply.”
“Soon after publicizing the offer, Brunson and his attorneys abruptly backed off the offer, refusing even to respond to WPT\’s requests for more information. This caused WPT\’s stock to nose-dive, costing investors tens of millions of dollars in lost market value.”
The Securities and Exchange Commissiohe is seeking to discover why Brunson made the buyout offer and whether anyone connected to him or the offer improperly traded WPT\’s stock.
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