{"id":23187,"date":"2023-09-29T13:56:20","date_gmt":"2023-09-29T13:56:20","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/us-sec-charges-newell-brands-and-ex-ceo-with-misleading-investors\/"},"modified":"2023-09-29T13:56:20","modified_gmt":"2023-09-29T13:56:20","slug":"us-sec-charges-newell-brands-and-ex-ceo-with-misleading-investors","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=23187","title":{"rendered":"US SEC charges Newell Brands and ex-CEO with misleading investors"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Sharpie markers owned by Newell Brands are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS\/Andrew Kelly\/File Photo<\/span>
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WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Friday charged and former Chief Executive Newell Brands Inc and former CEO Michael Polk with misleading investors about sales.<\/p>\n

In a settlement, Newell and Polk, without admitting or denying the SEC findings, agreed to pay civil penalties of $12.5 million and $110,000, respectively, the SEC said in a statement.<\/p>\n

The SEC said Newell, a Georgia-based consumer products company, and Polk, “took actions that increased the company’s publicly disclosed core sales growth in ways that were out of step with Newell\u2019s actual but undisclosed sales trends, allowing the company to announce \u201cstrong\u201d or \u201csolid\u201d results in quarters it internally described as disappointing due to shortfalls in sales.”<\/p>\n

Newell pulled sales forward into earlier quarters without adequate disclosure and used accounting practices that were not consistent with Generally Accepted Accounting Principles, the SEC order said.<\/p>\n

These actions made the company’s core sales growth look as if it was in line with its targets and deprived investors of an accurate picture of Newell’s actual sales trends, it said. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

2\/2 \u00a9 Reuters. FILE PHOTO: Sharpie markers owned by Newell Brands are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS\/Andrew Kelly\/File Photo 2\/2 WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Friday charged and former Chief Executive Newell Brands Inc and former CEO Michael Polk<\/p>\n","protected":false},"author":1,"featured_media":11226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-23187","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nUS SEC charges Newell Brands and ex-CEO with misleading investors | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"2\/2 \u00a9 Reuters. 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