John Michael Kelly, et al.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 22688 / April 26, 2013

Accounting and Auditing Enforcement Release No. 3457 / April 26, 2013

Securities and Exchange Commission v. John Michael Kelly, Steven E. Rindner, Joseph A. Ripp, and Mark Wovsaniker, Civil Action No. 08 CV 4612 (CM) (GWG) (S.D.N.Y. filed May 19, 2008)

Remaining Claims Dismissed in Litigation with Aol Time Warner Executives

The U.S. Securities and Exchange Commission today announced that, on April 23, 2013, the United States District Court for the Southern District of New York ordered the entry of a stipulation of dismissal by plaintiff Securities and Exchange Commission of all remaining claims against Mark Wovsaniker, in SEC v. John Michael Kelly, Steven E. Rindner, Joseph A. Ripp, and Mark Wovsaniker, 08 CV 4612 (CM) (GWG) (S.D.N.Y. filed May 19, 2008).

Wovsaniker is a former AOL Time Warner Inc. Senior Vice President for Accounting Policy. The Commission's complaint alleged that, from at least mid-2000 to mid-2002, the defendants participated in an effort by which AOL Time Warner overstated its online advertising revenue. Through counsel, Wovsaniker joined in the stipulation. He was the last remaining defendant in the Commission's action.

See Litigation Release No. 20586 (May 19, 2008).