SEC Charges Newell Brands And Former CEO For Misleading Investors About Sales Performance
Portfolio Pulse from Benzinga Newsdesk
The Securities and Exchange Commission (SEC) has charged Newell Brands Inc. and its former CEO, Michael Polk, with misleading investors about the company's core sales growth. The SEC found that in 2016 and 2017, Newell and Polk manipulated the company's publicly disclosed core sales growth, which did not align with the actual sales trends. Newell and Polk have agreed to settle the SEC charges and will pay civil penalties of $12.5 million and $110,000, respectively.
September 29, 2023 | 12:35 pm
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Newell Brands has been charged by the SEC for misleading investors about its sales performance. The company has agreed to settle the charges and will pay a civil penalty of $12.5 million.
The SEC charges and the subsequent settlement could negatively impact Newell Brands' reputation and investor confidence, potentially leading to a decrease in the company's stock price in the short term.
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