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."
34-101808
04-Dec-2024
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given. . . , that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid in the above-captioned matter."
34-102299
28-Jan-2025
Administrative Proceeding
Order Approving Plan of Distribution
The Commission ordered that: "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission’s website at www.sec.gov."
Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a fair fund (the “Fair Fund”), comprised of civil money penalties collected from Newell Brands Inc. (“Newell”) and Michael B. Polk (“Polk”) (collectively, the “Respondents”) in the above-captioned matter."
