Federal regulators will drop an investigation into stock sales by two Molson Coors Brewing Co. executives following formation of the company through the merger of Adolph Coors and Molson Brewing, the company said today.
In a document filed with the Securities and Exchange Commission, Molson Coors said SEC staff has recommended the commission terminate the investigation without taking enforcement action.
Regulators launched an investigation after the company released its first earnings report and the stock plunged almost 20 percent shortly after the merger in 2005.
CEO Leo Kiely and Chief Financial Officer Timothy Wolf sold stock after the merger closed, but before the negative earnings surprise. Previous SEC filings show that Wolf and Kiely pocketed more than $1.6 million through stock options and sales about a week after the merger.
“We are extremely gratified that the matter has come to a conclusion,” said Molson Coors spokesman Paul de la Plante.
Staff writer Tom McGhee can be reached at (303)954-1671 or tmcghee@denverpost.com
