(Alliance News) - WANdisco PLC on Thursday requested its shares be suspended after uncovering signs of possible "sophisticated" fraudulent activity, just days after it announced it was exploring a potential US listing.
The data activation company explained that, following investigations by its chief financial officer and chief executive officer, it has discovered "significant, sophisticated and potentially fraudulent irregularities" with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee.
Consequently, WANdisco said the irregularities will "significantly impact" its cash position and lead to "material uncertainty" regarding its overall financial position.
The firm now expects that financial 2022 revenue could be as low as USD9 million, and not USD24 million as previously expected. In addition, the company said it has "no confidence" in its announced financial 2022 bookings expectations.
Only on Monday, WANdisco had said it was in the early stages of exploring an additional listing in the US, but said it remains committed to its listing on London's AIM.
Shares in the company last traded at 1,324.41 in London. It has a market capitalisation of GBP904.6 million.
By Eric Cunha, Alliance News news editor
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