Board of Directors
The independence of the Value Line Board of directors was also questioned in so far as three former board members who disagreed with the majority holder, Buttner, were summarily removed without cause and replaced with new directors, including the current Westport, Connecticut Chief of Police, Alfred R. Fiore, where Buttner resides. Recent special dividends have depleted 94% of the shareholder equity. Section 304 of the 2002 Sarbanes-Oxley Act provides for executive clawbacks in the presence of malfeasance that results in the restatement of financial results.
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