Travel + Leisure (TNL) agreed to pay a $975,000 civil penalty as part of a settlement with the US Securities and Exchange Commission over allegations that it presented a materially misleading picture of its timeshare loan portfolio performance, the commission said Wednesday.
Under the settlement, the company did not admit to any of the allegations in the complaint.
According to the complaint, from October 2019 to February 2021, Travel + Leisure made misstatements and omissions about two projects under which it removed thousands of customer timeshare loans that were already seriously past due or in default from its loan portfolio, materially improving its publicly disclosed loan loss provision and loan loss provision percentage.
The proposed final judgment would also permanently enjoin the company from violating the securities laws and regulations cited in the complaint, the commission said.
Travel + Leisure did not immediately reply to a request for comment from MT Newswires.
The company's shares were down 2.7% in Wednesday afternoon trading.
Price: 62.21, Change: -1.77, Percent Change: -2.77