SoftBank reportedly under investigation
The U.S. Securities and Exchange Commission (SEC) is investigating SoftBank and the activities of former operating chief Nikesh Arora before he resigned last week, according to reports.
"We do know that the SEC...is inquiring into certain matters concerning SoftBank and Mr. Arora," Ira Sorkin, an attorney for disgruntled SoftBank investors, told the Wall Street Journal.
The watchdog agency is probing Softbank's disclosures to investors, as well as whether Arora had conflicts of interest, Bloomberg reported. The investigation is reportedly preliminary, with neither SoftBank nor Arora charged with wrongdoing.
SoftBank told Bloomberg it does not comment on press reports regarding regulatory inquiries. However, the company said that a special committee of independent members of SoftBank's board of directors reviewed shareholder complaints about Arora and "concluded the claims were without merit."
When Arora -- a high-profile hire from Google -- stepped down last week, SoftBank CEO Masayoshi Son said his work at the company was not finished.
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