Action against Respondents, a payment processing company and its founder and CEO, for alleged overstatement of an operating metric.  The SEC alleges that Respondents provided misleading information on the metric and its meaning for future revenue in quarterly SEC filings, earnings releases, and quarterly earnings calls.  Respondent company has agreed to pay a civil penalty of $2,160,000.  Respondent CEO has agreed to pay a civil penalty of $120,000.

SEC Order