Villar Land Holdings Corporation and its directors on Monday announced their readiness to cooperate with authorities after the Department of Justice (DOJ) confirmed it had issued a subpoena in connection with a complaint filed by the Securities and Exchange Commission (SEC).
The SEC lodged the complaint on January 30 against Villar Land, several of its officials, and related companies over alleged market manipulation, insider trading, and misleading disclosures said to have affected the company’s share prices.
In a statement, Villar Land said it is prepared to answer the allegations in the proper forum and expressed confidence in a fair process.
“Villar Land and its directors welcome the opportunity to explain their side and respond to the allegations in the complaint at the proper forum. The Company and its directors are fully prepared to cooperate with the proper authorities and are confident that an impartial panel will find that no violation of law was committed,” the company said.
However, the firm and its directors added they will refrain from issuing further statements while the DOJ’s preliminary investigation is ongoing.