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ASB Bancorp in Asheville, N.C., has repurchased a block of stock from funds tied to activist investor Joseph Stilwell.
July 22 -
Poage Bankshares (PBSK) has fended off a proxy challenge from activist investor Joseph Stilwell.
May 27
Joseph Stilwell, an activist investor who has targeted community banks, has been ordered to appear in federal court in New York in connection to a subpoena request for an investigation into potential securities fraud.
The Securities and Exchange Commission on Wednesday asked the U.S. District Court for the Southern District of New York to order Stilwell to respond to its subpoena, after the investor said he wouldn't respond. The SEC said it's investigating possible fraud or securities law violations at funds managed by Stilwell.
U.S. District Court Judge Ronnie Abrams granted the SEC's application on Wednesday and
The SEC
The SEC's investigation was approved in November 2012, and a subpoena was issued to Stilwell earlier this year,
Stilwell on Monday referred questions to his lawyers, Steven Glaser at Skadden, Arps, Slate, Meagher & Flom, and Peter Hardy at Post & Schell.
"Joe Stilwell has acted at all times with the best interests of his investors in mind," Hardy said in an email. "The SEC's motion for an order to show cause is factually and legally erroneous, and we look forward to vindication."