SEC fines Lions Gate Entertainment

The Securities and Exchange Commission levied a $7.5 million fine against movie studio Lions Gate Entertainment Corp. for failing to properly disclose its role in a complex debt-equity swap that helped it fend off a hostile takeover bid from Carl Icahn in 2010, according to the Associated Press.

The move followed a bid by Icahn in July 2010 to take over the company for $6.50 per share.

Lions Gate is said to have admitted wrongdoing and agreed to pay the fine to the SEC.

Read more from the Associated Press.