Followers | 66 |
Posts | 10573 |
Boards Moderated | 2 |
Alias Born | 04/10/2015 |
Friday, August 23, 2019 3:37:16 PM
UPDATED with company statement. A former financial analyst at Disney has alleged in SEC whistleblower filings that the media giant routinely overstated its revenue, according to a report in business website MarketWatch.
Sandra Kuba, who worked for 18 years in Disney’s revenue operations unit before being fired in 2017, said in the filings reviewed by MarketWatch that company revenue was over-reported by as much as $6 billion in a single year. The exaggerated figures, she claimed, were arrived at through several means, including recording made-up revenue for free rounds of golf or guest promotions; or recording the full face value of $500 gift cards even if guests paid a significantly discounted rate. Exploiting weaknesses in the company’s accounting software enabled the inaccuracies to remain undetected, she contended.
RELATED STORY
Disney, Sinclair Broadcast Group, Byron Allen Close Regional Sports Network Deal
Disney reviewed Kuba’s claims and determined they were without merit, MarketWatch reported. A Disney spokesperson criticized not only Kuba but also MarketWatch in a statement provided to Deadline.
“This former employee, who was fired for cause, has persistently made patently false claims for over two years,” the statement said. “The claims she made to the company were thoroughly investigated and found to be utterly baseless. It is unfortunate that MarketWatch, which has been aware of the facts for months, knowingly and deliberately chose to give Ms. Kuba’s unfounded claims a platform.”
Filing claims with the SEC, which receives thousands of them a year through its whistleblower program, does not necessarily mean that the agency will open a formal investigation into the matter. A spokesman for the regulatory body did not respond to Deadline’s request for comment.
According to MarketWatch, Kuba first surfaced the irregularities internally in 2013 but her indications of concern did not elicit a response. In a series of exchanges in the ensuing years, she made additional disclosures and in late 2017 filed a complaint with the Department of Labor, alleging retaliation by the company. Disney told Labor officials that Kuba was fired because she “displayed a pattern of workplace complaints against co-workers without a reasonable basis for doing so, in a manner that was inappropriate, disruptive and in bad faith.”
The media company told MarketWatch that Kuba had withdrawn her retaliation claim in 2018.
Since leaving the company, Kuba has filed two additional whistleblower claims laying out allegations of misstated revenue, the report said.
Recent DIS News
- Intel Secures $3.5 Billion Subsidy, Stellantis Backs EU Emissions Targets, BP and Apollo Reach $1 Billion Deal • IH Market News • 09/16/2024 10:03:27 AM
- GameStop plunges 11% on stock offering, DJT drops post-debate, GSK fails shingles vaccine trial • IH Market News • 09/11/2024 10:25:41 AM
- Dell, Palantir, and Erie Will Be Added to the S&P 500; Boeing Avoids Strike; Apple Event Takes Place Today • IH Market News • 09/09/2024 10:05:35 AM
- Broadcom Down 10% Post-Earnings, UiPath Up 8%; Qualcomm Eyes Intel Assets; Salesforce Acquires Own Company • IH Market News • 09/06/2024 11:59:00 AM
- Qualcomm Develops Mixed Reality Glasses; Verizon to Boost Dividend, Eyes Acquisition; Samsonite Plans US Dual Listing • IH Market News • 09/05/2024 10:11:35 AM
- DIRECTV College Football Fans Sidelined by The Walt Disney Company on Opening Weekend to Force Them to Buy Other Disney Channels and Services • PR Newswire (US) • 09/01/2024 11:05:00 PM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- Futures Pointing To Modestly Lower Open On Wall Street • IH Market News • 08/27/2024 01:09:07 PM
- U.S. Index Futures Edge Higher, Oil Prices Dip • IH Market News • 08/27/2024 09:37:02 AM
- Apple Names New CFO, Sony Hikes PS5 Price in Japan, Santander Launches Share Buyback • IH Market News • 08/27/2024 09:35:22 AM
- Dow Sets New Record Closing High But Nasdaq, S&P 500 Give Back Ground • IH Market News • 08/26/2024 08:44:00 PM
- Schwab and Snowflake Retreat in Premarket, WeRide Postpones IPO, Halliburton Cyberattack, McDonald’s Instagram Hack • IH Market News • 08/22/2024 09:37:42 AM
- The Walt Disney Company Board Names James P. Gorman as Succession Planning Committee Chair • Business Wire • 08/21/2024 08:15:00 PM
- Walmart Sells JD.com Stake, Microchip Suffers Cyberattack, Union Pacific Warns of Strike in Canada, and Latest News • IH Market News • 08/21/2024 12:12:11 PM
- Berkshire Reduces Stake in BofA, Hawaiian Airlines Soars 10%, Paramount Receives $4.3B Offer, and More • IH Market News • 08/20/2024 09:56:02 AM
- FuboTV Soars 12% After Venu Sports Block, Goldman Sachs Lowers U.S. Recession Odds, BHP Ends Chile Strike • IH Market News • 08/19/2024 09:28:19 AM
- Deutsche Bank Faces Shareholder Backlash, Bank of America Sponsors 2026 World Cup, Quanterix CEO Buys More Shares • IH Market News • 08/16/2024 10:03:21 AM
- Disney Names Adam Smith Chief Product & Technology Officer, Disney Entertainment & ESPN • Business Wire • 08/15/2024 07:06:00 PM
- Starbucks Rises 3%; Disney Unveils New Films and Expansions; Uber CEO Questions Tesla Robotaxi Viability, and More • IH Market News • 08/12/2024 09:46:16 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 08:33:36 PM
- TSMC July Revenue Surges 45%, Nasdaq Accelerates Penny Stock Delistings, Moody’s Downgrades Intel to BAA1, and More • IH Market News • 08/09/2024 09:44:44 AM
- Jobless Claims Data May Lead To Initial Strength On Wall Street • IH Market News • 08/08/2024 01:06:34 PM
- Intel Sued by Shareholders; JPMorgan Raises Chance of Recession; Roblox Blocked in Turkey; Micron Resumes Share Buyback • IH Market News • 08/08/2024 09:48:43 AM
- U.S. Stocks Move Back To The Downside After Initially Extending Yesterday’s Rebound • IH Market News • 08/07/2024 08:56:08 PM
- Futures Pointing To Extended Rebound On Wall Street • IH Market News • 08/07/2024 01:07:27 PM
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM