Value Line – a Wall Street icon you didn’t know was listed

Core Insights - Value Line, founded in 1931, is a historic investment research service that remains publicly listed on Nasdaq despite a tumultuous history involving family feuds and fraud allegations [1][3][14] Company History - The company was established by Arnold Bernhard, who created a rating system for stocks that gained popularity, leading to significant sales growth [4][6] - At its peak, Value Line had nearly 300,000 subscribers, including notable investors like Warren Buffett [5] Family Feud - A conflict arose between siblings Jean and Van Bernhard after their father's death, leading to legal battles over control of the company [7][8] - Jean Bernhard, who took control of the company, was known for her authoritarian management style, which included strict workplace policies [11] Legal Issues - In 2004, a federal investigation into Value Line began due to allegations of inflated commissions and kickbacks, culminating in a settlement with the SEC in 2009 [13][14] - Jean Buttner was barred from running the company and had to relinquish control, although she extracted significant funds from the company prior to her departure [16] Current Business Status - Value Line continues to operate profitably, though its publishing revenue has declined from USD 35.3 million in 2015 to USD 37.5 million in 2024, adjusted for inflation [18] - The company has adapted by digitizing its offerings, with nearly two-thirds of its publishing revenue now coming from digital subscriptions [18]