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Aldus Attorney: SEC Complaint “Appalling and Careless”

Aldus Equity has released its reaction to today’s civil complaint by the SEC, which has accused Aldus and its founder, Saul Meyer, of securities fraud. The firm issued a response through its attorney, which Buyouts shared with us. Here are some choice excerpts:

The attorney representing Aldus Equity, the firm the U.S. Securities and Exchange Commission wants to add to its civil complaint regarding investments fro the New York State Common Retirement Fund, today called the threatened legal action “appalling and careless” with the law and with people’s reputations. Matthew D. Orwig said the SEC filed its court motion without completing an investigation or fulfilling a commitment to meet with Aldus principles before taking any legal action.

“We’ve been trying to communicate with them for the last two weeks,” said Orweg. “how can they make these public statements before they complete and investigation? Maybe they want a ‘trial by news release’ but that’s not the way the judicial system works.”

Separately, Aldus responded to charges against Meyer specifically:

“At Aldus, we can’t begin to describe our disappointment and astonishment regarding the unexpected legal developments in New York today. Saul Meyer has been our colleague for five years, and our heart goes out to Saul and his family during this unsettling time. Obviously, as this time, Saul’s full focus will be on his issues in New York. At the firm, we are working rapidly to communicate with our clients, employees and associates. Our highest priority is the commitment to our clients’ best interests. In the immediate and long-term future, we will apply all of our resolve, focus and talents to those goals.”

Notably, New Mexico Educational Retirement Board and New York Common Retirement Fund severed ties with the fund on today’s news.

The complaint is available here.