Defendant Name:
Newell Brands Inc.
Defendant Type:
Public Company
SIC Code:
3089
CUSIP:
65122910
Initial Case Details
Legal Case Name
In the Matter of Newell Brands Inc. and Michael B. Polk
First Document Date
29-Sep-2023
Initial Filing Format
Administrative Action
File Number
3-21766
Allegation Type
Issuer Reporting and Disclosure
Violations Alleged
•
Rule 100(b) Regulation G
Additionally,
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Rule 12b-20 of the Exchange Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Sec 13(a) of the Exchange Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Rule 13a-1 of the Exchange Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Rule 13a-11 of the Exchange Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Rule 13a-13 of the Exchange Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Rule 13a-15 of the Exchange Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Sec 17(a)(2) of the Securities Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Sec 17(a)(3) of the Securities Act.
Michael B. Polk is alleged to have caused Newell Brands Inc.'s violation of Rule 100(b) Regulation G.
Resolutions
First Resolution Date
29-Sep-2023
Headline Total Penalty and Disgorgement
$12,500,000
Related Documents:
33-11251
29-Sep-2023
Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Finds, and Imposing a Cease-and-Desist Order
On September 29, 2023, the SEC instituted settled cease-and-desist proceedings against Newell Brands Inc. and Michael B. Polk, stating: "This matter involves Newell’s misleading statements regarding non-GAAP
financial measures that it called “core sales growth” and “core sales,” which Newell described in
its earnings releases as giving investors “a more complete understanding of underlying sales
trends.” Newell explained that the core sales measure would allow investors to understand “sales
on a consistent basis” by removing from its “net sales” measure the effects of acquisitions,
divestitures, and foreign currency fluctuations. Newell disclosed its year-over-year core sales
growth rate as part of the headline of its quarterly earnings releases. Newell also provided
investors guidance about its expected core sales growth rate, and analysts followed Newell’s
publicly announced core sales growth."
2023-210
29-Sep-2023
Press Release--Administrative Proceeding
SEC Charges Newell Brands and Former CEO for Misleading Investors About Sales Performance
On September 29, 2023, the SEC stated that: "[It] charged Newell Brands Inc.,
a Georgia-based consumer products company and its former CEO, Michael Polk, with misleading investors about
Newell’s core sales growth, a non-GAAP (Generally Accepted Accounting Principles) financial measure the
company used to explain its underlying sales trends. Both parties agreed to settle the SEC charges."
34-99077
04-Dec-2023
Administrative Proceeding
Extension Order
The Commission ordered that: "Division’s request for an extension of time until December 4, 2024, to submit a Proposed Plan of Distribution is granted."
34-99618
28-Feb-2024
Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Miller Kaplan Arase
LLP is appointed as the Tax Administrator for the QSF in the above-referenced proceeding."
34-101313
11-Oct-2024
Administrative Proceeding
Order Appointing Fund Administrator, Setting Administrator's Bond Amount, and Authorizing the Approval and Payment of Fees and Expenses of Administration
The SEC ordered that: "A. Simpluris is appointed as the Fund Administrator . . . ; B. Simpluris shall obtain a bond . . . in the amount of $12,610,000; C. the Fund Administrator will submit invoices to the Commission staff for services rendered . . . ; and D. .
. . OFM is authorized to pay the Fund Administrator's fees and expenses from the Fair Fund."
Other Defendants in Action:
