Gabelli Mutual Funds Regulatory Update #3
RYE, N.Y., Oct. 11 /PRNewswire-FirstCall/ --
Gabelli Asset Management Inc.
(NYSE:GBL) today released the following statement:
"Last year on November 19, 2003, we issued 'update #2' on the status of the
inquiry initiated by the New York Attorney General's Office (NYAG) and related
inquiry by the Securities and Exchange Commission (SEC).
"We are providing this update today to clarify any misinformation that may have
resulted from inaccurate statements recently made in the electronic media.
"As part of our ongoing business dynamics, Gabelli Dividend and Income Trust
(NYSE:GDV) filed a red herring for $300 million of preferred shares, consisting
of $80 million of fixed rate and $220 million of floating rate, which was
successfully placed by the Fund's underwriters.
"Consistent with Gabelli Asset Management's (NYSE:GBL) previous Form 10-K
disclosure statements, the Advisor indicated in the GDV prospectus that it had
received requests for information from the SEC and New York Attorney General's
Office (NYAG) regarding improper trading in mutual fund shares as part of an
industry-wide inquiry.
"In GBL's December 31, 2003 Form 10-K filed March 15, 2004, we stated that 'We
received information requests from the SEC and a subpoena from the NYAG in
connection with their inquiries' and 'Since our internal review and requests
from regulators are ongoing, we can make no assurances additional information
will not become available...' As part of a follow up to their initial request,
the SEC asked for additional information in August in the form of a subpoena.
"Our industry operates in a fish bowl. We will continue to fully disclose all
material information in our regular filings and news releases.
"Please visit our website at http://www.gabelli.com/ for previously posted news
releases and disclosure."
End of statement.
DATASOURCE: Gabelli Asset Management Inc.
CONTACT: Douglas Jamieson of Gabelli Asset Management Inc.,
+1-914-921-5020
Web site: http://www.gabelli.com/