On April 4, 2016, the Department of Justice (DOJ) filed a complaint in the U.S. District Court for the Northern District of California alleging that the hedge fund ValueAct Capital failed to comply with the requirements of the Hart-Scott-Rodino Act. The alleged failure to comply with the HSR Act was connected to ValueAct’s role in the merger between Halliburton and Baker Hughes. ValueAct bought stakes in Halliburton and Baker Hughes after the $35 billion merger was announced. The DOJ has alleged that this purchase of voting securities obligated ValueAct to file an HSR notification and observe a waiting period before consummating the transaction, and that ValueAct was not eligible for the limited exemption for acquisitions only for the purpose of investment because ValueAct allegedly intended to influence the business decisions of the merging parties. The complaint notes that the hedge fund failed to follow the requirements of the HSR Act before and previously paid a penalty to settle an HSR Act enforcement action.