Disney whistleblower news is coming out about the company allegedly overstating its revenue.
The person behind this Disney (NYSE:DIS) news is Sandra Kuba. Kuba is a former senior financial analyst that worked at the company for 18 years before being fired in 2017. According to her, the company has been overstating its revenue for years.
One example that the Disney whistleblower brings up is its revenue in 2009. She claims that the company overstated this by roughly $6 billion. For comparison, DIS reported revenue of $10.60 billion during that year.
According to the Disney whistleblower, she has known about the issue for years. Over this time, she has allegedly tried to bring it up to management, but her complaints have gone nowhere. Now that she no longer works for the company, she is taking her claims to the U.S. Securities and Exchange Commission (SEC).
Kuba’s claims have caught the interest of the SEC and it is looking into the matter. The agency has already asked for additional information from the Disney whistleblower. That may be a bad sign for Disney as many claims are made each year and most don’t get far enough to warrant additional details, reports MarketWatch.
The recent Disney whistleblower news has had DIS stock on the move today. The stock started out down 1% from its closing price on Monday. However, it has recovered from this drop and is now up slightly as of the afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.