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HeadSpin Statement Response:
SEC Settlement

PALO ALTO, Calif., Jan. 28, 2022 – HeadSpin, the world's first digital experience AI platform, today issued the following statement in connection with the announcement of a settlement agreement with the Securities & Exchange Commission (SEC): 

“We are pleased to have entered into a final settlement agreement with the SEC stemming from alleged actions by the former CEO prior to March 2020. As part of the settlement agreement, the SEC imposed no financial penalties on HeadSpin and the Company did not admit or deny the allegations brought by the SEC.

 

In making the announcement, Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, said, "For companies wondering what types of remedial actions and cooperation might be credited by the Commission after a company uncovers fraud, this case offers an excellent example. HeadSpin’s remediation and cooperation included not just its internal investigation and revised valuation, but also repaying harmed investors and improving its governance—all of which were factors that counseled against the imposition of a penalty in this case."  

 

Upon learning of the alleged actions approximately two years ago, the Company immediately replaced its CEO, strengthened its leadership team, appointed an external auditor and implemented numerous financial and internal controls and corporate governance practices. Today, we are very well positioned for success as we help our customers improve their digital experiences by using our platform.”

Media Contact:

Kelly McAndrew

Financial Profiles

203.613.1552

KMcandrew@finprofiles.com