International Paper IP Private Jet Lawsuit: Own IP? Concerned about Jet Abuse?



Our law firm is investigating whether International Paper (IP) is properly reporting CEO and Chairman of the Board, John Faraci's, personal use of the Company’s corporate aircraft.  

International Paper (IP) may not be properly reporting CEO and Chairman of the Board, John Faraci's, personal use of the company’s corporate aircraft. Based on our analysis of flight information obtained from the Federal Aviation Administration (FAA) and Wall Street Journal, Mr Faraci appears to be substantially underreporting his personal use of the Company aircraft.

Faraci's commute may have cost IP shareholders over two million dollars.

It appears that Mr. Faraci has used International Paper's planes to commute regularly between Memphis, Tennessee (where International Paper is headquartered), and his home in Greenwich, Connecticut. According to the FAA’s data, between 2007 and 2010, International Paper’s planes made a total of 331 flights back and forth between Memphis and Westchester County Airport (HTN) in White Plains.

Over 100 flights to resort destinations.
In addition, it appears that International Paper’s planes are used to for many other flights that were for personal purposes.  Specifically, International Paper’s planes have made numerous flights to resort destinations such as:
• Jackson Hole, Wyoming
• Kalispell, Montana
• Palm Beach, Florida

Executive corporate jet travel improperly reported.
Thus the amount of expenses for personal use by Faraci and potentially other officers of corporate aircraft are significantly higher than the figures disclosed by International Paper in its SEC filings.  In other words, over the last four years, it appears that International Paper has potentially under-reported perks between 2007 through 2010 for Faraci by several million dollars.

Do you own shares of IP? Concerned about CEO Private jet shareholder abuse? call our law firm now. Please call Attorney Bill Kyros at 1-800-934-2921 to discuss your rights. We are looking for Shareholders in International Paper who wish to bring legal claims. We are also interested in speaking to shareholders who wish to pursue claims against other companies for similar abuse.