In a first-of-its-kind enforcement action, the Securities and Exchange Commission (SEC) has charged an alternative data provider with securities fraud, setting precedent for future enforcement activity.
App Annie, an alternative data provider for the mobile app industry, and its co-founder and former CEO Bertrand Schmitt will pay more than $10 million for engaging in deceptive practices and making material misrepresentations about how the company derived its alternative data, the SEC announced Tuesday.
