DALLAS (CN) – Top executives at Idearc, Verizon’s telephone-book spinoff, “relaxed” the company’s credit policies to juggle the books and report tens of millions of uncollectable receivables as income before the company filed for bankruptcy in March, shareholders say in a federal class action.
The company had to write off “$47 million in worthless receivables” from this, plaintiffs say.
They sued CEO Katherine Harless, CFO Andrew Coticchio, CFO Samuel Jones, executive vice president Frank Gatto, for former CEO Scott Klein.
Lead counsel for the class is Thomas Bilek of Houston.
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