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Ex Motorola CFO claims the company misrepresented financial data of its Mobile Devices unit

Posted: , by Alan F.

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Ex Motorola CFO claims the company misrepresented financial data of its Mobile Devices unit
Motorola's former CFO, Paul Liska, claims in court documents that his former employer continuously misrepresented financial data from the Illinois firm's Mobile Devices unit and also says that Motorola unlawfully terminated his employment. In a complaint filed in Cook County Circuit Court back in February, and kept sealed until Friday, Liska says that as time went on, he became more and more concerned about the mobile unit's misstatements about the financial performance of the division until he reached a point where he felt compelled to report his suspicions to the company's board of directors. According to the filings, he told the board that he had begun to "develop concerns that the executives within the Mobile Devices Business were, intentionally or recklessly, materially misstating its 2009 forecasts and strategic plan," which could lead to major problems for the unit's credit ratings, especially if business continued to go bad. Motorola responded by giving the executive a pink slip, an action that the former CFO says was in retaliation for his whistleblowing on the mobile unit. Liska, who is also claiming breach of contract on the manufacturer's part, states that he has not received severance pay that is due to him. Of course, every story has two sides and the company called Liska a "treacherous officer" who concocted a "scheme designed to portray himself as a whistleblower and demand millions in return for his silence." in a court filed response. The name calling continued on both sides with Motorola stating that the executive was fired for cause due to "serious misconduct and incompetence." and Liska responding by claiming that this is part of an effort by the company to discredit him because of his charges against the Mobile Devices unit. Motorola's problems with its cellphone business has been well documented by us and all of this legal mud slinging can only make it tougher for any recovery to take hold.

source: Business Week via Mobile Burn

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posted on 20 Oct 2010, 01:43

1. Dood (Posts: 269; Member since: 23 Mar 2009)


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posted on 12 Apr 2009, 17:01

2. Legion (Posts: 397; Member since: 12 Dec 2008)


Razr with an actual Razor FTW!!!

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