SEC fines HR software startup Zenefits
The SEC has issued an order fining HR software company Zenefits and its former co-founder and CEO, Parker Conrad, for not complying with certain regulations and making false and misleading statements to investors. The revelations of Zenefits' lack of compliance led to Conrad's ouster in early 2016. In total, they'll have to pay over $980,000.
Why it matters: This is the first tech industry "unicorn" — a private company valued at over $1 billion — that the SEC has gone after in this way. The commission did hint last year that it would be watching Silicon Valley much more closely.