Item 8.01. Other Events.
Alpine Woods Capital Investors, LLC, its two principals, and another portfolio manager each received a Wells
notice from the staff of the SEC dated March 5, 2010, as supplemented. A Wells notice is neither a formal
allegation nor a finding of wrongdoing and, to the knowledge of the parties, no formal recommendation has been
made to the SEC to date. Wells notices disclose that the SEC staff is considering recommending that the SEC
commence administrative or civil injunctive proceedings against the parties alleging violations of certain
provisions of the Federal securities laws. The Wells notices relate to the period February 1, 2006 through January
31, 2008 and set forth certain alleged violations being considered by the staff primarily relating to the historical
investment in and allocations of shares of initial public offerings and primarily involving the failure to approve,
review, and adequately implement certain written policies and procedures to adequately prevent violations of the
Federal securities laws including, undisclosed conflicts of interest, material misstatements or omissions of
information in certain disclosure documents of Alpine Series Trust and books and recordkeeping inadequacies
relating to such investments and allocations.
The parties intend to submit a response to the Wells notices. There cannot be any assurance that, if the SEC were
to assess sanctions against certain or all of the parties, such sanctions would not materially and adversely affect
them.
So what does this mean......do not know what a Wells Notice is??????
A Wells Notice is a letter that the U.S. Securities and Exchange Commission (SEC) sends to people or firms when it is planning to bring an enforcement action against them. The Wells Notice indicates that the SEC staff has determined it may bring a civil action against a person or firm, and provides the person or firm with the opportunity to provide information as to why the enforcement action should not be brought.
Regulators are not legally required to provide a Wells Notice; however, it is the practice of the SEC and FINRA to provide such notice.
Wikipedia
