Pxyus International Inc. reached a settlement with the Securities and Exchange Commission following an order from the federal agency regarding the company’s inventory and accounting processes in Kenya.

According to the order, Pyxus, previously known as Alliance One International, filed incorrect financial statements with the SEC regarding its Kenyan subsidiary, Alliance One Kenya. The incorrect statements included annual and quarterly reports from at least 2011 through the second quarter of 2015.

The company filed restated statements in May 2016, correcting the errors and admitting to ineffective control of financial reporting in the Kenyan branch of their business.

The corrected statements decreased retained earnings by approximately $39 million, in addition to decreasing inventory by approximately $32 million and accounts receivable by approximately $7 million.

In 2015, Pyxus downsized its Kenyan subsidiary, including the termination of some operations. The company maintains regional operations in Africa.

A settlement was reached in anticipation of the SEC’s official accounting and auditing enforcement and released on the same day. Pyxus did not respond to a phone call requesting comment on the terms of the settlement.

Pyxus International is a tobacco company based in Morrisville, North Carolina. The company generated buzz last year for its expansion into the hemp and cannabis business.

However, hemp and cannabis remain small portions of Pyxus’s overall business, and the reprimanding from the SEC is the latest in a growing list of setbacks: The company recently shut down tobacco processing operations in one of its N.C. facilities, resulting in layoffs for 565 employees.

The company’s shares rose $1.18, or 8.5 percent, to $15.10 on Friday.