Posted on 03/08/2008 9:37:32 AM PST by HAL9000
OMAHA, Neb. - Database provider infoUSA Inc. said Friday it's annual report will be late because of an ongoing Securities and Exchange Commission investigation and a shareholder lawsuit that questions the company's spending.InfoUSA said in a news release it won't be able to meet the SEC's March 17 deadline for timely filing of its annual report.
InfoUSA formed a special board committee of five directors in December to respond to an SEC investigation and a shareholder lawsuit that claims the company misspent millions, some of it on Bill and Hillary Clinton.
Under its investigation, the SEC requested infoUSA produce spending-related documents and documentation related to some trading in the company's securities, infoUSA said.
The shareholder lawsuit questions why infoUSA founder Vin Gupta used private corporate jets to fly the Clintons on business, personal and campaign trips, why Gupta gave Bill Clinton a $3.3 million consulting contract and why the company paid for extravagant luxuries Gupta enjoyed.
Investment manager Cardinal Value Equity Partners and hedge fund Dolphin Limited Partnership filed the lawsuit last year alleging Gupta misspent millions of dollars in corporate funds.
According to the lawsuit, InfoUSA has spent nearly $900,000 since 2001 flying the Clintons to domestic and international locations and political events.
Gupta has been a major donor to Democrats and gave at least $1 million to Bill Clinton's presidential library in Arkansas. Gupta also took part in a June fundraiser for Hillary Clinton in Manhattan.
A spokesman for Hillary Clinton said in May that all the flights connected to InfoUSA were reimbursed and disclosed in accordance with Federal Election Commission and Senate ethics rules.
The investment managers also say InfoUSA paid for use of a jet plane, the 80-foot yacht American Princess, condos in Hawaii and California and a University of Nebraska-Lincoln stadium box.
Some of the $28 million in "related-party transactions" the investment managers have questioned included payments to Annapurna Corp., which Gupta owned.
In the past, Gupta and InfoUSA have said the jet, condos, stadium box and American Princess are for entertaining clients.
InfoUSA executives were not available at the company's Omaha headquarters Friday. InfoUSA said it plans to file the report as soon as it can after the deadline.
On the Net:
InfoUSA Inc.: http://www.infousa.com
Dolphin's anti-InfoUSA site: http://www.iusaccountability.com
What! The Clintons connected with shady practices? Wh..wha..why this couldn't be! /sarcasm
Bill and Hillary OUTSHADY (is that a word?) Barack & Michelle by about 10,000 to 1.
You’re right about the “outshady” ratio. The audacity of the Clintons to accuse Obama of unethical behavior is incredible.
The Audacity of Dopes!
BUMP-TO-THE-TRUTH!
“OUTSHADY (is that a word?)”
If it isn’t in the dictionary, it should be.
I like the word.
Thank you.
Intersting tidbit on the Klintoon/Gupta connection.
“
According to the lawsuit, InfoUSA has spent nearly $900,000 since 2001 flying the Clintons to domestic and international locations and political events.
Gupta has been a major donor to Democrats and gave at least $1 million to Bill Clinton’s presidential library in Arkansas. Gupta also took part in a June fundraiser for Hillary Clinton in Manhattan.”
Some of that might be deemed to be income or at least “gifts” which would be taxable. I wonder if they reported it.
Anti-Election Year Burnout bump! ;-)
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