On February 19, 2020, the SEC instituted settled cease and desist proceedings against Diageo plc. The SEC stated: "In its fiscal years 2014 and 2015, Diageo failed to make required disclosures of known trends and uncertainties, thereby rendering its required periodic filings materially misleading to investors with respect to its financial results. During those periods, employees at Diageo’s largest and most profitable subsidiary—Diageo North America, Inc. (“DNA”)—pressured distributors to buy products in excess of demand to meet performance targets in a flagging market. As a result, distributors in North America held substantial unneeded inventory, which was a known trend or uncertainty: the continued selling over demand was unsustainable because it was likely that distributors would purchase less product in future periods. Diageo’s periodic filings did not disclose these known trends and uncertainties to investors."

The SEC "announced charges against alcohol producer Diageo plc for failing to make required disclosures of known trends relating to the shipments of unneeded products by its North American subsidiary to distributors. Diageo has agreed to pay $5 million to settle the action."