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ARTICLE · 17 SEPTEMBER 2021

SEC Brings First Enforcement Action Against Alternative Data Provider

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Yesterday, the Securities and Exchange Commission ("SEC") filed a settled securities fraud action against App Annie Inc., one of the largest sellers of market data on how apps on mobile devices are performing, ..

United StatesCorporate/Commercial Law
Robert Leonard
Robert Leonard
Jeffrey Neuburger
Jeffrey Neuburger
Samuel J. Waldon
Samuel J. Waldon
Joshua Newville
Joshua Newville
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Yesterday, the Securities and Exchange Commission ("SEC") filed a settled securities fraud action against App Annie Inc., one of the largest sellers of market data on how apps on mobile devices are performing, and its co-founder and former CEO and Chairman Bertrand Schmitt.  The settlement is the first enforcement action brought by the SEC against an alternative data provider.  As part of the settlement, App Annie agreed to pay a $10 million civil penalty and Schmitt agreed to pay a $300,000 penalty and to be barred from serving as an officer or director of a public company for three years.

App Annie offered companies a free analytics product called "Connect," which allowed companies to track how their apps are performing.  In return for access to Connect, companies allowed App Annie to collect confidential app performance metrics ("Connect Data").  App Annie represented to Connect users that it would generate estimates of app performance using their Connect Data,

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