Here are some details from the whistleblower....
Dow Chemical Co. (DOW)’s former fraud investigator can pursue a claim that she was unlawfully fired for finding financial misdeeds, including Chief Executive Officer Andrew Liveris’s expenses for family vacations and payments to a Greek charity, a federal judge ruled.
Kimberly C. Wood, the ex-investigator, said she was fired in October 2013 after telling her supervisor she found “financial statement fraud” in an ethylene plant project. Her prior reports had questioned spending by Liveris, who is also chairman. Dow’s bid to dismiss the case was denied Dec. 15 by U.S. District Judge Thomas L. Ludington, in Bay City, Michigan.
The case, filed under the whistle-blower provisions of the Sarbanes-Oxley Act, may bring unwanted attention to Liveris, who was accused of a series of “broken promises” last month by Third Point LLC, a hedge fund that has called for Dow’s breakup. Dow, based in Midland, Michigan, is giving the activist investor two board seats, and Third Point, founded by Daniel Loeb, agreed to stop disparaging the company for a year.
Wood is a disgruntled employee making false allegations in retaliation for Dow’s denial of “unearned benefits,” Rebecca Bentley, a Dow spokeswoman, said today in an e-mail statement. Most of the claims in an earlier state case were dismissed, and the federal court’s ruling made no determination on the truth of Wood’s allegations, she said.
Photographer: F. Carter Smith/Bloomberg
Andrew Liveris, Chairman and Chief Executive Officer of Dow Chemical Co., agreed to... Read More
“While we strongly believe the case should have been dismissed outright, we will move forward and defend the merits of the case vigorously,” Bentley said.
Wood was a “career employee” of Dow who didn’t want to leave the company, said Victor Mastromarco Jr., her attorney.
“She was nipping at the wrong heels,” Mastromarco said in a phone interview today. “They wanted to get rid of her.”
That bilked a company out of $800,000 of it's money for personal use and was caught didn't face prosecution? What other CEO do you know of that at the beginning of his 10 year tenure (11/2004) had a stock price of $50 which was nearly 20% higher than the stock price ($43 per share) is today (12/2014) and still keeps his job? What other CEO do you know of that stated that his bold vision was to divest a company of it's primary asset (polyolefins to the Kuwaities) only to have the deal fall through (because the Kuawaities backed out) and have the company today earning most of it's $$ from that asset....and still keep his job? Would you describe him as a buffoon, a charlatan, a #$%$...what? Check out the latest headline on the whistleblower who caught him spending DOW $$ on himself. And this guys is paid 10-20 MM per year? It is time that he is held accountable - and required to state his case before a jury of his peers.
Liveris took the helm at Dow in November 2004. The stock price was $50 (please look it up). It is now November 2014. The stock price is $50. Does anything else need to be said?
He know how to bring out shareholder value? Are you kidding? When Liveris took over in November 2004 the share price was $50....what is it today - 10 years later? He is an incompetent dirtbag.
Still not me coverin...I made $$ all the way down! You aren't even nearly back to your purchase price in August. Bagholder...
Wow dude - take a chill pill. Are you really that incensed over a post or posts on this MB?
The clutchers won't let go though...they will keep talking about short squeezes, candy crush XXXX, P/E. They are clutching so tight - hoping for their money back - clutching so tight that they can't see or think. This one trick saga is over. Nothing will replace the rapid loss in revenue so the stock will continue to drop. Keep clutching Bagholders.
You have been saying that since August (when it was $18 a share). Will you still be singing the same old Bagholder tune when this is single digits? Keep clutching covering...as your bag keeps emptying. HAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!
you all get your $0.46 after you lost $10....wow. Keep clutching now that your bag has $0.46 in it. It will be gone In a few days....Bagholder.
Here is the "math"....they had one hit. People are now moving on and they have nothing to replace the revenue with. Pretty simple math.....
you are right on - and the Bagholders will still be clutching, touting the P/E and the "new game" coming out.
He has finally joined me. He first said buy the IPO - I said no. I have called the spiral down. I continue to call the spiral down. Keep clutching.......and keep losing....BAGHOLDERS.