An investigation into potential fraud at Yorkshire tech firm WANdisco has confirmed the events are likely to have falsified nearly £12m ($15m) of revenue for 2022.
The Sheffield and California-based data specialist has been looking into its books following "irregularities" coming to light that centre on one senior salesperson. Investors have previously been told the potential fraud, which is to do with received purchase orders and related revenue and bookings, could knock WANdisco's 2022 unaudited revenue from about £19.2m ($24m) to just £7.7m ($9.7m) - raising concerns about the company's future as a going concern.
Now an investigation led by FRP Advisory and recently appointed industry veteran Ken Lever has concluded that all purchase orders concerned with the unnamed senior salesperson are illegitimate. The firm says it cannot be totally sure that some of its customers have unwittingly or unknowingly paid an unauthorised third party for its products, but has stressed there is no credible evidence to support the notion.
