GameStop Corp. shares fell more than 10% in after-hours trading Tuesday after the videogame retailer surprised investors with a quarterly profit, but sales dropped more than 30%.

GameStop CEO Ryan Cohen agreed to pay a nearly $1 million penalty to settle the U.S. Federal Trade Commission's claim that he failed to report acquisition of more than $100 million worth of Wells Fargo & Co voting shares,

Here’s Why FTC Fined GameStop CEO Cohen. The FTC has imposed a $985,320 civil penalty on GameStop CEO Cohen as he did not report the purchase of a significant amount of WFC shar

Cohen agreed to the settlement with the FTC without admitting any wrong doing. The settlement isn’t final until a federal judge approves it.

On Wednesday, the Federal Trade Commission (FTC) said Ryan Cohen, managing partner of RC Ventures and Chairman and CEO of GameStop Corporation (NYSE:GME), will pay a $985,320 civil penalty. This fine stems from charges that Cohen violated the Hart-Scott-Rodino (HSR) Act by failing to file the necessary paperwork during his acquisition of shares in Wells Fargo & Company (NYSE:WFC).

After acquiring the shares, Cohen had periodic communications with Wells Fargo’s leadership regarding ways to improve the bank’s business and to advocate for a potential board seat, the FTC said.