THE AMERICA ONE NEWS
Jun 1, 2025  |  
0
 | Remer,MN
Sponsor:  QWIKET 
Sponsor:  QWIKET 
Sponsor:  QWIKET: Elevate your fantasy game! Interactive Sports Knowledge.
Sponsor:  QWIKET: Elevate your fantasy game! Interactive Sports Knowledge and Reasoning Support for Fantasy Sports and Betting Enthusiasts.
back  
topic
Fox Business
Fox Business
29 Sep 2023


The U.S. Securities and Exchange Commission on Friday charged Newell Brands and former CEO Michael Polk with misleading investors about sales.

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.

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’s actual but undisclosed sales trends, allowing the company to announce "strong" or "solid" results in quarters it internally described as disappointing due to shortfalls in sales."

Sharpie

Sharpie markers owned by Newell Brands are seen for sale in a store in Manhattan, New York City, on Feb. 7, 2022. (REUTERS/Andrew Kelly/File Photo / Reuters Photos)

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.

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.