The Securities and Exchange Commission said on Tuesday it was billing App Annie, the mobile app data provider, with securities fraud, accusing the company of “engaging in deceptive practices” and of distorting the origin of its data. According to a report: App Annie will pay a settlement of $ 10 million, according to the announcement, although the company has not admitted any of the SEC’s findings. According to the SEC, the company, which sells estimates on app downloads, usage and revenue, assured app companies that the performance data they shared with App Annie would only be used in ways anonymous and executed through an algorithm to generate performance estimates. But the SEC accuses App Annie and its former CEO and Chairman Bertrand Schmitt of reneging on that promise and of using actual performance data to refine its estimation models between 2014 and 2018. Then, according to the SEC, the company sold this confidential data to commercial companies, and misled these customers into believing that the data complied with federal securities laws.
SEC accuses Annie app of securities fraud in $ 10 million settlement
Source link SEC accuses Annie app of securities fraud in $ 10 million settlement