Digital video subscription service Gaia will pay a $2 million fine to the Securities and Exchange Commission (SEC) for allegedly overstating its paid subscribers and retaliating against an internal whistleblower.
The details: In April 2019, Colorado-based Gaia reported in an SEC filing and in an earnings call it met its first-quarter objective by having 562,000 paying subscribers but neglected to mention 15,000 subscriptions were free trials and another 4,500 represented subscribers whose credit card payments had been declined, according to the SEC.
