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Gaia Inc., a streaming video business focusing on yoga and alternative health, said the company and its chief financial officer have agreed to pay a total of $2.05 million to resolve an investigation by the U.S. Securities and Exchange Commission, according to company filings.
Gaia, a member-supported media network with videos on yoga and alternative healing, among other topics, disclosed the settlement with the securities regulator in its latest SEC quarterly report filed this week.
Louisville, Colo.-based Gaia said it would pay a civil penalty of $2 million to settle SEC allegations that it misstated the number of paying subscribers for the quarter ended March 31, 2019, when the company extended a free month of service to certain subscribers, according to the filing.
The settlement also addressed allegations that the company’s termination of one employee and the language used in its severance agreements for other employees violated the SEC’s whistleblower protection requirements, according to the filing.
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Gaia’s finance chief, Paul Tarell, agreed to pay an additional $50,000 to settle allegations he caused the company’s misstatements in the 2019 quarterly earnings, without admitting or denying the allegations.
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