Corpay to pay $100 million to settle FTC probe over marketing practices; shares fall - CPAY News | RalliesCorpay to pay $100 million to settle FTC probe over marketing practices; shares fall
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CPAY• FTC settlement over marketing practices
- Shares of business payments platform Corpay CPAY.N fell 1.4% to $398.70.
- The company said it will pay $100 million to settle an FTC investigation into marketing and disclosure issues in its US Vehicle Payments business.
- CEO Ron Clarke is not subject to any financial payment as part of the settlement.
- The proposed settlement would resolve the FTC matter without any admission of wrongdoing.
- The settlement remains subject to final FTC approval.
- 15 of 18 brokerages rate the stock "buy" or above, while 3 rate it "hold"; the median price target is $455, according to data compiled by LSEG.
- Including session moves, the stock has risen 32.73% year to date.
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