SEC, Shift4 Payments Reach Disclosure-Violation Settlement

Dow Jones01-11

By Connor Hart

The Securities and Exchange Commission reached a $750,000 settlement with Shift4 Payments, resolving allegations that the payments-technology company failed to make required disclosures in several of its filings.

The SEC said Friday that Shift4 failed to state in its annual filing and proxy statement for 2020 that the sibling of an executive officer, who was also a child of a director, received about $1.1 million in compensation as a non-executive employee of the company.

In the same filing, the agency alleged another sibling of an executive officer received more than $280,000 from the company for residual commissions while acting as an independent sales agent not employed by Shift4.

Shift 4 could not immediately be reached for comment.

The company failed to make similar disclosures in its annual filings and proxy statements through fiscal 2023, during which time immediate family members received more than $120,000 annually in compensation and payments from Shift4, the SEC alleged.

Under the terms of the settlement, Shift4 agreed to stop committing disclosure violations now and in the future.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

January 10, 2025 17:51 ET (22:51 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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