Shareholders of Harbor Diversified Inc., which is the holding company for Air Wisconsin Airlines LLC, sued its officers for improperly reporting income from an agreement with United Airlines, Inc., to the Securities and Exchange Commission.
Starting in 2017, Air Wisconsin had a capacity purchase agreement with United, under which United agreed to purchase the capacity of regional jets and Air Wisconsin would operate them as United Express flights, the complaint filed Thursday in the US District Court for the District of Wisconsin says.
Under SEC regulations, a company can’t recognize revenue unless there’s a substantial possibility it will be collected, ...
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