The FTC has been asking questions about Dan Loeb’s hedge fund Third Point’s involvement with the purchase of large amounts of Yahoo’s stock shares-this according to

According to two anonymous sources, inside Yahoo! Inc. (NASDAQ:YHOO), claim to have been contacted by a lawyer from the FTC, regarding their contact with Loeb, and what exactly happened when he bought up large pieces of Yahoo’s available stock last year.

Dan Loeb

The sources claim that the lawyer told them this was a “non public” investigation, and that he wouldn’t relate the details of why the FTC was curious.

Another source says it is in relation to the Hart-Scott-Rodino Antitrust Improvement Act (HSR Act), and its filing requirements. This law is set up to prevent any company from merging in a way that would limit competition, and requires them to report any business deals worth more than $66 million. This is so that federal agencies can review the deal, and be sure it doesn’t set up a monopoly on the market.

The FTC has declined to comment regarding this investigation, and is joined by Third Point in that decision. Yahoo! Inc. (NASDAQ:YHOO) has yet to comment on the story.

Another source claims that Yahoo’s! Inc. (NASDAQ:YHOO) executive board is aware of FTC scrutiny, and if there were any violations, then they would be technical inadvertent mistakes. The FTC has settled many different cases with hedge funds, and other investors regarding HSR violations.

Dan Loeb has never been the subject of a violation, and neither has his company Third Point. He is a very experienced investor known for hardball techniques and sound investing. When he purchased shares of Yahoo last year, the stock was in the $11 range, and is now trading in the $15 to $16 range.

What will become of this investigation, we don’t know, but we will be sure to keep you updated as more information is released.