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October 30, 2019

Posted  October 30, 2019

Outcome Health, the trade name for ContextMedia LLC, will pay $70 million and enter into a Non-Prosecution Agreement with the U.S. to resolve allegations that the company, which sells digital advertising to be displayed in medical offices — its primary customers are pharmaceutical companies — fraudulently sold advertising inventory that it did not have.  To conceal this, Outcome and its executives falsified reports to customers, claiming to have delivered advertising to the contracted number of screens, and inflated patient engagement metrics.  This fraudulent activity resulted in an overstatement of Outcome’s reported revenue, and Outcome used those fraudulent financial statements to obtain almost $1 billion in debt and equity financing in 2015 and 2016.   DOJ

Tagged in: Accounting Fraud, Criminal Proceedings, Financial and Investment Fraud, Misrepresentations,