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Synchronoss to Pay $12.5 Million for SEC Accounting Settlement

June 7, 2022, 6:01 PM

Synchronoss Technologies Inc. will pay $12.5 million to settle SEC charges of material misstatements of past revenue results as a result of “accounting gimmicks” and misconduct by senior leaders, including its former CFO and controller.

The software company padded sales revenues in part to meet earnings targets, prompting a multiyear restatement, according to the Securities and Exchange Commission, which released settlement orders for six former Synchronoss leaders Tuesday.

Founder and former CEO Stephen Waldis agreed to return $1.3 million in stocks and other compensation under a federal clawback ...