A media measurement company that was accused of fraud has paid out millions in a settlement. Variety reports that ComScore, a competitor to Nielsen, paid $5 million in connection with charges that the company overstated revenue and made false statements about performance under a previous CEO.
“The U.S. Securities and Exchange Commission said Tuesday that the company and its former CEO, Serge Matta, ‘agreed to cease-and-desist from future violations of the antifraud provisions of the federal securities laws and to pay penalties of $5 million and $700,000, respectively,'” Variety reports. “Matta also agreed to reimburse ComScore $2.1 million representing profits from the sale of ComScore stock and other compensation.”
Brent Rosenthal, chairman of ComScore’s board, is quoted saying in a statement: “We are pleased to have settled this legacy issue with the SEC. In addition to our commitment to compliance and with this matter behind us, the Board and I remain fully focused on the business and are committed to further developing our unique data assets, differentiated data analytics, and strong brand equity.”