Jan 17 (Reuters) - Celsius Holdings CELH.O, the fitness beverage company, will pay a $3 million civil fine to resolve charges it accounted improperly for stock-based awards, the U.S. Securities and Exchange Commission said on Friday.
The SEC said Celsius mishandled its accounting in 2021 for stock-based compensation expenses when it modified awards for six departing employees and retiring board members, causing its financial statements to be materially inaccurate and misleading.
In addition, Celsius lacked procedures from Sept. 2019 to Aug. 2023 to ensure it reported non-financial information in a timely manner, the SEC said.
Celsius did not admit or deny wrongdoing in agreeing to settle.
(Reporting by Jonathan Stempel in New York)
((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.