WANdisco PLC said “significant, sophisticated and potentially fraudulent” irregularities have been discovered in its financial position and has requested its shares are suspended from trading on AIM.
The irregularities relate to purchase orders, revenues and bookings from a senior sales employee and were uncovered by an investigation by the CEO and CFO.
WANdisco said the inconsistencies have the potential to materially misstate the data activation platform company’s financial position.
"The identification of these irregularities will significantly impact the company's cash position and lead to a material uncertainty regarding its overall financial position and significant going concern issues," it said.
The board now anticipates the fiscal year 2022 revenue to be as low as US$9mln, and not the US$24mln previously reported, while it has “no confidence” in its booking expectations, according to a statement.
While it investigates with external legal and professional advisers, the AIM-quoted company has requested its shares are suspended from trading.
Earlier this week, the company said it was in the early stages of exploring an additional listing for its shares in the US.
“As a dual UK and US headquartered technology company, WANdisco has long-stated its intention to consider an additional listing of its ordinary shares in the United States,” it said in the statement issued on 6 March.