SEC Charges Comscore Inc. and Former CEO with Accounting and Disclosure Fraud Les Hostetler | September 24, 2019 | Shenanigans | No Comments My friend V has been calling this for a while to her classes. to whit: The SEC’s orders find, among other things, that from February 2014 through February 2016, Comscore, at the direction of its former CEO Serge Matta, entered into non-monetary transactions for the purpose of improperly increasing its reported revenue. Through these transactions, Comscore and a counterparty would negotiate and agree to exchange sets of data without any cash consideration. Comscore recognized revenue on these transactions based on the fair value of the data it delivered, which had been improperly increased in order to inflate revenue. The SEC’s orders also find that Comscore and Matta made false and misleading public disclosures regarding the company’s customer base and flagship product and that Matta lied to Comscore’s internal accountants and external audit firm. This scheme enabled Comscore to artificially exceed its analysts’ consensus revenue target in seven consecutive quarters and create the illusion of smooth and steady growth in Comscore’s business. Tags:ComScoreFraud, Hmph Related Posts Yep, that works: How Amazon Screws Third-Party Sellers No Comments | May 2, 2020 News you can use: How to poison the data that Big Tech uses to surveil you No Comments | Mar 10, 2021 Social media scammers made off with $770 million last year No Comments | Feb 2, 2022 ICO warns ad tech not to flout GDPR No Comments | Jun 22, 2019 About The Author Les Hostetler Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Comment:*Name:* Email Address:* Website: Save my name, email, and website in this browser for the next time I comment. Δ
