Shaheen To Update Disclosure Form

Jun 26, 2014

The Senator’s new disclosure will reflect that she and her husband no longer hold stock options in a California firm that received federal stimulus funding.

Ultrawave Labs Inc. is a California company working on technology to help better detect breast cancer.

In 2009, the Senator’s husband, William Shaheen, was named adviser to the company. He received stock options Shaheen included on US Senate disclosure forms, most recently filed in May.

According to that form, the Ultrawave stock options were to expire in 2019.

This week, the Boston Globe reported on the Shaheen’s ties to Ultrawave.

Neither Shaheen agreed to be interviewed for the story, but her campaign said William Shaheen hadn’t advised the company “for several years.”  

The campaign has so far declined to offer any further detail about what William Shaheen did for the company, but Shaheen Spokesman Harrell Kirstein says the Shaheens recently learned the stock options, which had never been exercised, have expired.

"The company said that the options expired on or before December 31, 2013, and like we told the globe we will be amending the PFD (personal financial disclosure)."

Critics say the Shaheens' dealings with Ultrawave raise ethical concerns.

The N.H. Republican party has called on Shaheen to explain inconsistencies in what they term "a shady stock story."

Earlier this month, Shaheen’s GOP rival, Scott Brown, severed ties and surrendered stock options with a Florida penny stock company he was advising.

That move followed other Boston Globe reports that detailed that the company, Global Digital Solutions, had no products, no revenue, and no manufacturing facilities.