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App Annie and its founder to pay over $10 million to settle securities fraud charges

The U.S. Securities and Exchange Commission (SEC) charged App Annie and its co-founder and former CEO and Chairman Bertrand Schmitt with securities fraud. SEC found that the mobile analytics firm engaged “in deceptive practices” and made “material misrepresentations” about how it obtained its market data on mobile app performance. Without admitting or denying the SEC’s findings, App Annie agreed to pay more than $10 million to settle the matter.