Data Analytics Giant Comscore, Former CEO Settle With SEC for Cooking the Books

Former Comscore CEO Serge Matta, 2015.Photo: Mike Pont (Getty Images for AWXII)Data analytics firm Comscore and its former CEO, Serge Matta, was charged by the U.S. Securities and Exchange Commission over allegations of widespread fraud at the company and have settled for over $5 million, the agency announced on Tuesday.According to the SEC, Comscore and…

Data Analytics Giant Comscore, Former CEO Settle With SEC for Cooking the Books

Former Comscore CEO Serge Matta, 2015.Photo: Mike Pont (Getty Images for AWXII)Data analytics firm Comscore and its former CEO, Serge Matta, was charged by the U.S. Securities and Exchange Commission over allegations of widespread fraud at the company and have settled for over $5 million, the agency announced on Tuesday.According to the SEC, Comscore and Matta stuffed its public revenue filings to overstate revenue by $50 million from 2014-2016. As the Los Angeles Times noted, that $50 million in revenue never existed but helped the company “beat Wall Street analysts’ sales estimates for seven quarters,” artificially inflating Comscore’s value. The SEC also found that “Comscore and Matta made false and misleading public disclosures regarding the company’s customer base and flagship product,” namely by misrepresenting its number of customers as increasing rather than decreasing, “and that Matta lied to Comscore’s internal accountants and external audit firm” as part of an effort to cover it up.The SEC also said Comscore lied to investors about “sales of a flagship product that measured ad campaigns, saying it grew when it actually fell,” the Times wrote. Neither Comscore or Matta have to admit wrongdoing as part of the settlemen
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