Tech firm WANdisco says it has uncovered "potentially fraudulent" activity by a salesperson that significantly alters its financial position and casts doubt over its future.
The Sheffield-based firm made the revelation to shareholders, saying its chief financial officer and chief executive officer had investigated "significant, sophisticated and potentially fraudulent irregularities" to do with received purchase orders and related revenue and bookings. The data specialist said the irregularities were represented by one salesperson and could shave as much as £12.6m ($15m) off its stated revenue for 2022, taking it from £20.2m ($24m) to just £7.5m ($9m).
In an update to the London Stock Exchange, WANdisco said the discovery could lead to significant going concern issues and now meant it had "no confidence" in its announced 2022 bookings expectations. As result, the firm said it had requested its shares traded on AIM be suspended while it conducts an investigation with the help of external legal and professional advisers.
