(cache)SEC Charges GrubMarket With Overstating Revenue By About $550M

The Securities and Exchange Commission settled charges against GrubMarket, a private, California-based e-commerce food distributor, for providing investors with financial information that the company should have known was unreliable and that overstated its historical revenues by approximately $550 million.

GrubMarket agreed to a cease-and-desist order and to pay an $8 million civil penalty

To contact the reporter on this story:
Robert Lavelle in New York at rlavelle@bloomberg.net

To contact the editor responsible for this story:
Zachary Fleming at zfleming2@bloomberg.net

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