Unreported Private Jet Use Lawsuits, Shareholders May Bring Claims for Damages:
Failure to Disclose Aircraft Usage
Corporate Executives at EMC, Comcast, Leucadia, Nabor Industries and other publicly traded companies may have used millions of dollars in Company assets for PERSONAL travel. As reported in the Wall Street Journal which obtained previously private FAA records, executives at these companies routinely fly to resort destinations and their homes, claiming that such travel is "business" in violation of SEC reporting rules.
Our law firm is seeking shareholders who own any amount of stock in these companies to file claims to recover investor/shareholders losses due to this abuse.
According to investigative reporting at the Wall Street Journal:
EMC Private Jet Use Unreported: Over a four year period prior to 2010, EMC jets landed a total of 393 times at just three resorts where CEO Joseph Tucci owns vacation homes. These homes are on Cape Cod, the Jersey shore, and the Florida keys. According to SEC disclosure filings, EMC claimed Mr. Tocci's personal flying cost shareholders just $664,079 during those four years. The WSJ estimated the cost of EMC's flights to airports near the CEO homes at $3.1 million. Abuse to EMC shareholders seems more prevalent, during the last four years, a single EMC jet spent 46% of its flights going to vacation spots, and overall the EMC Jet fleet spent 31% of its flight time going to or from resorts! Own EMC stock? Call us now.
Comcast Corp. Jet Abuse. Comcast recently purchased a $40 million jet. Ostensibly the plane was purchased for business travel related to Comcast's acquisition of NBC Universal. In fact it appears that the new jet's most frequent destination (after its base of Philadelphia) was the luxury resort island of Martha's Vineyard where CEO Brian Roberts has a vacation home. FAA records show after the summer trips to Martha's Vineyard, the jet began making winter trips to Palm Beach, Florida, where CEO Roberts has yet another home. In total nearly two thirds of this 40 Million dollar plane's flights were to resort destinations. Overall during the past four years, 42% of all flights made by the Comcast fleet of aircraft went to resort areas. Own shares of Comcast? Angry? Call our law firm right now.
Leucadia National Corp. In 2010 Leucadia reported less than $30,000 on personal flying for Chairman Ian Cumming, but FAA records show Leucadia's four jets spent 220 hours flying to Jackson Hole, Wyoming, and the Hamptons. Just these flights alone would have cost $708,000, according to WSJ calculations. Millions more may have been unreported. Own Leucadia stock? Call now.
END Private jet shareholder abuse, call our law firm now. Attorney Bill Kyros is for consultation for shareholders in EMC, Comcast, Leucadia, Nabor Industries who wish to bring legal claims. We are also interested in shareholders who wish to pursue claims against other companies for similar abuse.
Kyros Law web site.