A former senior accountant told the SEC that Disney recorded non-existent sales from giveaways and inflated gift-card revenues.
A former senior accountant at Disney has accused the entertainment titan of overstating its revenues by billions of dollars. Sandra Kuba alleged Disney employees recorded non-existent sales from giveaways and artificially inflated revenue from gift cards. She claimed the company's revenue could have been overstated by as much as $6 billion, or 20%, in 2009 alone. Disney has dismissed Kuba's claims as"utterly without merit." Watch Disney trade live.
A former senior accountant at Disney has accused the entertainment titan of overstating its revenues by billions of dollars. Sandra Kuba alleged Disney employees recorded non-existent sales from giveaways and artificially inflated revenue from gift cards. She claimed the company's revenue could have been overstated by as much as $6 billion, or 20%, in 2009 alone. Disney has dismissed Kuba's claims as"utterly without merit." Watch Disney trade live.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Disney whistleblower told SEC the company inflated revenue for yearsA then–Walt Disney Co. accountant filed multiple whistleblower tips with the Securities and Exchange Commission alleging the company materially overstated...
Read more »
Opinion | The SEC Threatens to Go Soft on Internal ControlsFrom WSJopinion: A SEC proposal to exempt certain companies from a full audit would encourage fraud and hurt investors, writes Arthur Levitt
Read more »
Ex-SEC chief: Markopolos targeting GE for a short-seller and not as a whistleblower 'suspicious''If he had brought all of his data to the SEC first, he would reap potentially, up to 30% of the potential recovery,' says former SEC Chairman Harvey Pitt.
Read more »
Factbox: Disney to take on Netflix as streaming war heats upThe crowded market for video streaming, currently dominated by Netflix Inc, is e...
Read more »
Disney Unveils International Roll-Out Of Disney+ Streaming Service; Reveals Details In Canada, Holland, Australia & New ZealandDisney is to begin rolling out its streaming service Disney+ internationally in November – with a number of territories going day-and-date with the U.S. The Hollywood studio has revealed plans to l…
Read more »
Disney+ Launch Dates Set for Canada, Netherlands, Australia and New ZealandDisney's new streaming service will be available in the United States on Nov. 12.
Read more »