Data-measurement firm Comscore has settled fraud charges with the Securities and Exchange Commission and will pay a $5 million penalty.
Its former CEO, Serge Matta, will pay $700,000 and give Comscore back $2.1 million from his pay and sales of company stock. Comscore and Matta did not admit or deny the SEC's charges.
The commission said Tuesday that Comscore fraudulently inflated its revenue by $50 million from February 2014 to February 2016, lied about adding new customers and said sales of a flagship product grew rather than fell.
Comscore tracks digital and TV audiences and movie theater ticket sales. The company, which is based in Reston, Virginia, said Tuesday that it has overhauled its board and management and has new internal control procedures in place.
Its shares dropped 4.7% Tuesday.