It seems a theme has developed across AIM in recent months involving firms of all stripes uncovering issues with their accounts.
Eyebrows were first raised that morning when the group delayed the publication of its results but did not cite a reason at the time.
This was followed by a suspension notice at 3.50pm, although this didn’t stop the company’s shares plunging 34%, or 350p, to 670p in the intervening period.
After the close, Staffline said that if its worst fears are confirmed it could result in “a material impact” to its profitability but could not assess the scale at this time.
While the announcement wasn’t quite on the league of Patisserie Holdings, which warned last October of “potentially fraudulent accounting irregularities”, it won’t do much good for AIM’s reputation as yet another constituent finds itself with a question mark over its figures.
At the other end of the scale, energy supplier Yu Group PLC (LON:YU.) shot up 67%, or 45p, to 112.5p this week for bringing some clarity to its finances.
In a trading update, the firm confirmed its adjusted pre-tax loss was still expected to be between £7.35mln and £7.85mln, having previously gone through an accounting review after miscalculating its revenue.
Medco agreed to buy Ophir in a 55p per share deal, totalling around £390mln, after a previous bid of £362mln was rejected earlier in January.
The news boosted Taptica’s shares by 20%, or 33.5p, to 201p although RhythmOne’s shareholders were less pleased as its price dropped 9.5%, or 18p, to 168p.
Over the week the AIM All-Share was up 1.2% at 923 points, while the FTSE 100 ran up 2.9% to 7,009.
Meanwhile, maritime surveillance systems seller SRT Marine Systems PLC (LON:SRT) was torpedoed by investors after it announced a share placing at 30p each on Thursday, an 18.5% discount to its Wednesday close price. The shares sank 12%, or 4.5p, to 32p in response.
Compliance services provider The SimplyBiz Group PLC (LON:SBIZ) jumped 7%, or 11.5p, to 173p over the week after it clinched a deal with housebuilder Taylor Wimpey for its Zest employee benefits platform.
It was more of a sour taste for Nu-Oil and Gas Plc (LON:NUOG) at its AGM on Monday after opposition from shareholders over its director’s remuneration report saw 40mln of the 173mln votes cast against the resolution, with shares dropping 10%, or 0.08p, to 0.72p over the week.
Elsewhere, engineering firm Redhall Group PLC (LON:RHL) saw its shares turn the same colour as they plunged 30%, or 1.1p, to 2.6p after announcing a wider pre-tax loss for 2018 of £4.41mln compared to £1.1mln in 2017.
Brain health specialist Cambridge Cognition Holdings PLC (LON:COG) gave investors good vibes with shares surging 16%, or 12.5p, to 91.5p after unveiling its first partnership in India with a major pharmaceutical company that carried an upfront payment of over £200,000.