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August 23, 2019

Walt Disney’s Kingdom may not be so magic after all

A former Walt Disney Co. accountant has filed a series of whistleblower claims with the Securities and Exchange Commission alleging Walt Disney materially overstated revenue over the course of several years.

According to Marketwatch, Sandra Kuba, who had been a senior financial analyst with Disney for 18 years, alleges systematic revenue overstatement in the company’s parks and resorts division.

Kuba claims to have had several discussions with the SEC. The regulator has declined to comment and Disney has dismissed the allegations as “utterly without merit.”

Marketwatch quotes a Disney spokesperson as saying: “The claims presented to us by this former employee — who was terminated for cause in 2017 — have been thoroughly reviewed by the company and found to be utterly without merit; in fact, in 2018 she withdrew the claim she had filed challenging her termination. We’re not going to dignify her unsubstantiated assertions with further comment.”

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