SEC may launch action against Trend Micro CEO

SEC may launch action against Trend Micro CEO

The SEC is determining whether to launch a civil enforcement action against the CEO of Trend Micro in relation to alleged securities violations.

The US Securities and Exchange Commission (SEC) is considering launching a civil enforcement action against the chief executive officer (CEO) of Trend Micro over alleged securities violations, the Japanese antivirus software company said Wednesday.

Trend Micro CEO and co-founder Eva Chen may face SEC action over alleged violations of the Securities Exchange Act of 1934 involving her husband, Daniel Chiang, and trading in the securities of Chinese Internet portal company Sina. Chiang, a former co-chairman of Sina resigned from the portal company in March.

The SEC is also investigating whether Chen underreported her holdings in Trend Micro shares.

"The company is not aware of any allegations against Ms. Chen that would be attributable to the company," Trend Micro said in a statement, adding that the vendor's board was monitoring the effects of a potential SEC probe on the company.

Chen co-founded Trend in 1988 with Steve and Jenny Chang. After stints as executive vice president and then chief technology officer, Chen became Trend Micro CEO in January 2005.

Trend Micro shares (ticker symbol: TMIC) were trading down 3.9 percent at US$33.10 on the Nasdaq in Wednesday late morning trading.

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