On 1 May 2007, News Corporation made a public announcement of its bid for Dow Jones & Company. The United States Securities and Exchange Commission filed an initial complaint seven days later naming Wong Kan-king and his wife Charlotte, both residents of Hong Kong, as defendants after its investigation of suspicious share price movements in the run-up to the announcement. The SEC alleged that the couple purchased 415,000 shares through a Merrill Lynch Hong Kong account between 13 to 30 April, and had reaped a US$8.2 million profit on disposal following announcement of the bid.