0001144204-09-056591.txt : 20091104 0001144204-09-056591.hdr.sgml : 20091104 20091104170351 ACCESSION NUMBER: 0001144204-09-056591 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091104 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091104 DATE AS OF CHANGE: 20091104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALUE LINE INC CENTRAL INDEX KEY: 0000717720 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 133139843 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11306 FILM NUMBER: 091158462 BUSINESS ADDRESS: STREET 1: 220 E 42ND ST CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129071500 8-K 1 v162375_8k.htm

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of the earliest event reported): November 4, 2009

Value Line, Inc.

(Exact name of registrant as specified in its charter)

New York

(State or Other Jurisdiction

of Incorporation)

0-11306

(Commission File Number)

(Address of Principal Executive Offices)

10017

(Zip Code)

(212) 907-1500

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In line with the Board of Directors’ action reported in the Company’s announcement of September 11, 2009, Howard A. Brecher, Chief Legal Officer, has become Acting Chairman and Acting CEO in addition to his current positions as of November 4, 2009. His appointment follows the resignations of Jean Bernhard Buttner as CEO, Chairman, President, and Director, and of David Henigson as Vice President and Director of the Company.

Mr. Brecher, age 56, has been an officer of the Company for more than 17 years. In addition to Chief Legal Officer, Secretary and Vice President of the Company, Mr. Brecher is also Vice President and Secretary of the Value Line Family of Funds since June 2008, Secretary of EULAV Asset Management, LLC since February 2009, and Vice President, Secretary, Treasurer, General Counsel and a Director of Arnold Bernhard & Co., Inc., the parent of the Company. Mr. Brecher is a graduate of Harvard University, Harvard Business School and Harvard Law School. He also holds a Master’s Degree in tax law from New York University.

Item 8.01. Other Events.

On November 4, 2009 Value Line, Inc. (the ‘Company”) issued the attached press release announcing that the Securities and Exchange Commission (the “SEC”) has approved the Company’s proposed settlement (the “Settlement”) regarding an SEC investigation relating to commissions paid by nine Value Line equity mutual funds to an affiliated brokerage subsidiary. The proposed settlement had previously been disclosed in a press release and in Form 8-K dated September 11, 2009, incorporated herein by reference. In the Settlement, Value Line neither admits nor denies the investigation’s findings. The Company chose to settle to avoid costly and protracted litigation.

Value Line has restructured its investment management subsidiary and brokerage relationships and is confident that they conform to applicable regulatory requirements. Value Line management ended the mutual funds’ use of the affiliated brokerage in 2004.

Item 9.01. Financial Statements and Exhibits

(d)

Exhibits.

Exhibit Number	Description

99.1	* Press release dated November 4, 2009.

* Filed electronically herewith.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		VALUE LINE, INC.


Dated: November 4, 2009		/s/ Mitchell E. Appel
		Mitchell E. Appel
		Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description

99.1	Press release dated November 4, 2009.

EX-99.1 2 v162375_ex99-1.htm Unassociated Document

Value Line, Inc.

220 East 42nd Street

New York, NY 10017

For Immediate Release	Contact:	William McBride
November 4, 2009		Kreab Gavin Anderson
NEWS RELEASE		(212) 515-1970

SEC Approves Previously Reported Settlement Offer made by Value Line, Inc.

NEW YORK, November 4 /PRNewswire-FirstCall/ -- (Nasdaq: VALU - News)

New York, NASDAQ – (VALU) Value Line, Inc. announced today that its previously reported offer to settle a Securities and Exchange Commission investigation begun in 2005 has been accepted by the Commission. Value Line and two of its former officers neither admit nor deny the findings of the investigation, which relate to commissions and fees paid by nine Value Line equity mutual funds to an affiliated brokerage subsidiary from 1986 through November 2004.

During this period the affiliated brokerage revenue comprised less than 1 ½% of Value Line, Inc.’s total revenue. Value Line management ended the affiliated brokerage practice in 2004.