The Florida company aiming to put an interim storage site for high-level nuclear waste in New Mexico is facing allegations of retaliating against a former executive, according to a New Jersey lawsuit.
Kevin O’Rourke claims in a civil lawsuit filed in June that he was fired as a vice president and chief financial officer for Holtec International for speaking up against “false and misleading” statements top officials at the company prepared for investors in August 2022.
Those documents included projections about the proposed Consolidated Interim Storage Facility slated for Southern New Mexico that the lawsuit called “materially false and/or completely unattainable and unrealistic.”
O’Rourke filed his suit in June with the Superior Court of New Jersey in Camden County.
Holtec International chief executive officer Krishna Singh wanted to represent that the facility would “break even” in the first five years after opening, and asked O’Rourke to reflect that in the documents to investors, the lawsuit states.
However, internal projections estimated the facility would instead lose $150 million each year over that period – totaling $750 million in losses – according to the lawsuit.
Other allegations included that Holtec International did not disclose a violation of a debt covenant, claimed it self-financed a $300 million manufacturing facility which it raised by “selling state tax credits,” and “grossly overstated” the annual money spent on research and development.
A Politico ...
Police chief says security concerns and misrepresentations led to unanimous reversal less than 24 hours after approval OSHKOSH, Wis. (WBAY) - The Oshkosh City Council voted unanimously to rescind i...