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A former financial analyst at the Walt Disney Co. is claiming the company regularly overstating its amusement parks revenue by billions of dollars, according to a new report.
Marketwatch reports that Sandra Kuba, who was a senior financial analyst in Disney’s revenue-operations department, alleges that employees working in the parks-and-resorts business segment systematically overstated revenue by billions of dollars by exploiting weaknesses in the company’s accounting software.
Kuba - Disney - Years - Officials - Securities
Kuba, who worked for Disney for 18 years said she has met with officials from the Securities and Exchange Commission on several occasions to discuss the allegations, according to Marketwatch. She said she brought her concerns to the SEC in August 2017 and was fired from Disney about a month later.
A Disney spokesperson told Marketwatch that the company has reviewed the whistleblower’s claims and found that they were “utterly without merit.”
Disney - Parks-and-resorts - Business - Amusement - Parks
Disney’s parks-and-resorts business consists of its amusement parks around the world, including the Disney World resort in Orlando and Disneyland in Anaheim.
MarketWatch said it has reviewed the whistleblower’s filings, which outline several ways employees allegedly boosted revenue, including recording fictitious revenue for complimentary golf rounds or for free guest promotions.
Act - Revenue - Gift - Cards - Face
Another alleged act involved recording revenue for $500 gift cards at their face value even when guests paid a...
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