Technology group WANdisco has warned of a significant drop in 2022 revenues after discovering potential “fraudulent irregularities”.
The UK- and US-based software group, which this week said it was exploring an additional listing in New York, has requested its shares be suspended from trading on the UK’s Aim market while it conducts an investigation.
The irregularities pertain to “received purchase orders and related revenue and bookings, as represented by one senior sales employee”, WANdisco said on Thursday.
The discovery would “lead to a material uncertainty regarding [the company’s] overall financial position”, it added.
“The board now expects that anticipated full-year 2022 revenue could be as low as $9mn, and not $24mn as previously reported. In addition, the company has no confidence in its announced FY22 bookings expectations.”