Data Services Company Settles SEC Charges for Accounting and Disclosure Violations

Publicly traded data services company Comscore, Inc. and its former CEO settled SEC charges for financial accounting and fraud.

According to the SEC Order, Comscore, Inc., at the direction of its former CEO, overstated revenue by approximately $50 million and made false and misleading statements about key performance metrics.

To settle the charges, Comscore, Inc. agreed to (i) cease and desist from further SEC rule violations and (ii) pay a civil penalty of $5,000,000. Separately, the former CEO agreed to (i) cease and desist from further SEC rule violations, (ii) pay a civil monetary fine of $700,000, (iii) reimburse Comscore, Inc. $2.1 million in profits from the sales of stock and incentive-based competition, and (iv) the entry of an order barring him from serving as a director or officer of a public company for 10 years.