JJB Sports was fined £445,000 ($609,000) by the U.K.'s Financial Services Authority (FSA) for misleading the market over the cost of two acquisitions.
The FSA said JJB had initially announced the acquisition of Original Shoe Company (OSC) in December 2007 for £5 million in cash but failed to disclose that it also had to pay more than £10 million for in-store inventory. In May 2008, it purchased another footwear chain Qube, for £1 million in cash but didn't disclose that it agreed to settle Qube's overdraft prior to completion of the deal. That amounted to another £6.5 million. JJB disclosed full details in September 2008.