SEC Charges Shift4 for Reporting and Proxy Violations

ADMINISTRATIVE PROCEEDING
File No. 3-22393

Jan. 10, 2025 - The Securities and Exchange Commission today announced settled charges against Shift4 Payments, Inc., a publicly-traded company based in Pennsylvania, for failing to make required disclosures of related person transactions.

According to the SEC's order, from 2021 through 2023, Shift4 failed to disclose employment relationships with two immediate family members of its executives as well as the payment of commissions to another immediate family member of its executives. The SEC's order indicates these family members were siblings, children, and/or stepchildren of one or more Shift4 officers or directors, and that Shift4 did not comply with disclosure requirements applicable to transactions with such related persons.

The SEC's order finds that Shift4 violated reporting and proxy solicitation provisions of the Securities Exchange Act of 1934. Without admitting or denying the SEC's findings, Shift4 agreed to a cease-and-desist order and to pay a $750,000 civil monetary penalty.

The SEC's investigation was conducted by Oreste McClung and Brian Higgins, and supervised by Brendan McGlynn, Scott Thompson, and Nicholas Grippo, all with the Philadelphia Regional Office.