Celsius Holdings, the fitness beverage company, will pay a $3 million civil fine to resolve charges it accounted improperly for stock-based awards, the U.S. Securities and Exchange Commission said on Friday.
The SEC said Celsius mishandled its accounting in 2021 for stock-based compensation expenses when it modified awards for six departing employees and retiring board members, causing its financial statements to be materially inaccurate and misleading.
In addition, Celsius lacked procedures from Sept. 2019 to Aug. 2023 to ensure it reported non-financial information in a timely manner, the SEC said.
Celsius did not admit or deny wrongdoing in agreeing to settle.
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