Harman International Industries, Incorporated (SEC Fair Fund)

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Harman International Industries, Securities Settlement

The lawsuit was settled for $6,228,728 in cash. The following is a summary of the proceedings in this lawsuit: ‘The Securities and Exchange Commission (the Commission commenced this action by filing a Complaint against Waleed Khalid Al-Braikan as Representative of the Heirs of Hazem Al-Braikan (the Estate), KIPCO Asset Management, and Al-Raya Investment Company (Al-Raya) on July 23, 2009. By separate orders, the Court entered final judgments against Al-Raya, the Estate and Relief Defendant on August 9, 2010. As required by the final judgments, total payments of approximately $6,228,728.61, plus accumulated interest, were paid to the Clerk of the Court and placed into an interest-bearing account with the Court Registry Investment System (CRIS). In this action, the Securities and Exchange Commission (the Commission), alleged that Hazem Al-Braikan (Al-Braikan), a Kuwaiti financial advisor, created and disseminated two hoax press releases about nonexistent tenders offer for Textron, Inc. (Textron) and Harman International Industries (Harman), that artificially inflated the companies stock prices on April 9, 2009 and July 20, 2009 respectively. Together, the two hoaxes generated profits of $6,228,728.61 for Al-Braikan, companies he controlled, his clients and friends. Al-Braikan conduct allegedly violated the anti-fraud provisions of the Securities Exchange Act of 1934, Section 10(b) and Rule 10(b)-5 thereunder. Al-Braikan passed away on July 26, 2009; consequently, the Estate was named as a Defendant in this action.’

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