Action against Defendants, a software development company and five of its former officers and directors, for alleged fraud against investors. According to the SEC, Defendants purchased sham downloads in order to improve the rating of their app and made false statements to investors about the reasons for the rating increase. The SEC alleges that Defendants also concealed from investors an individual Defendant’s prior mail fraud conviction. Two individual Defendants have agreed to pay penalties of $25,000. One individual Defendant has agreed to pay a penalty of $15,000. Four individual Defendants have agreed to officer-and-director bars.

SEC Litigation Release

SEC Press Release 

SEC Complaint