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Sarbanes-Oxley News & Developments
Brother of Cree Chairman Files Suit Alleging Securities FraudEric Hunter filed a lawsuit against Cree Inc. and his brother, Chairman F.Neal Hunter, alleging securities violations.
> > Cree Inc. responded that the allegations are without merit and arise in part from personal and family matters. Neal Hunter replaces Eric Hunter as president and chief executive in August 1994. The lawsuit claims the alleged securities violations began in August 1995.
The suit claims that Cree and Neal Hunter filed false and misleading statements related to public offering stock, omitted material facts from earning statements and misled auditors over income pais to officers and directors. The lawsuit seeks more than $3 billion in damages and an injuction against future harassment.
The suit filed by Eric Hunter alleges personal threats in efforts to stop from reporting the alledged violations to the SEC.
Source: The Wall Street Journal article dated June 13,2003
Published:2003-06-19
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