Data-measurement firm Comscore has settled fraud charges with the Securities and Exchange Commission and will pay a $5-million penalty.
Its former CEO, Serge Matta, will also pay $700,000 and give Comscore back $2.1 million from his pay and sales of company stock. He is also barred from serving as an officer or director of a public company for a decade. Comscore and Matta did not admit or deny the SEC’s charges.
The SEC said Comscore, which tracks digital and TV audiences and movie theater ticket sales, overvalued deals where it provided data sets to other companies, allowing it to inflate its revenue. The agency said Matta then misled Comscore’s accountants.The agency said Comscore also made misleading public statements about how many customers it had in an attempt to show steady growth, when its customers were actually declining in number.
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