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SEC files action against Doyle Brunson's attorneys

The U.S. Securities Exchange Commission are now looking into a group that included poker legend Doyle Brunson's unsolicited buyout offer for WPT Enterprises, Inc. Investigators appear as though they are pursuing the case with full force.

Subpoenas were issued in the case, and now the SEC has filed an action seeking enforcement of those subpoenas. Initially, when the subpoenas were issued, the Brunson team alleged they would not have to offer up key internal documents under the protection of attorney/client privilege. Friday's ruling cleared the way for a hearing on the matter, though the court where the action was filed has not set a hearing date yet.

Back in July, Brunson's offer was made public and the stock sky-rocketed 50 percent in less than a day. World Poker Tour Enterprises (WPTE) stock hit a record-high of $29.50 per share that day, but now hovers at $6.14 per share on the Nasdaq due to fears induced by the subpoenas.

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