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On 9 March 2023, WANdisco plc announced the discovery of significant, potentially fraudulent irregularities concerning purchase orders, revenue, and bookings, as represented by one senior sales employee, following investigations by its CFO and CEO. The company now expects FY22 revenue could be as low as USD 9 million, down from a previously reported USD 24 million, and has requested its shares be suspended from trading on AIM.
| Date | 9 Mar 2023 |
| Time | 07:00:08 |
| Category | Miscellaneous |
| ID | 4193S |
9 March 2023
WANdisco plc
("WANdisco" or the "Company")
Trading Revision
WANdisco (LSE: WAND), the data activation platform, provides the following revision to its anticipated trading performance and financial position.
Following investigations undertaken by the CFO and CEO, and as reported to the Board of Directors of the Company (the "Board"), significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee, have been discovered. These irregularities give rise to a potential material mis-statement of the 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. The Board now expects that anticipated FY22 revenue could be as low as USD 9 million and not USD 24 million as previously reported. In addition, the Company has no confidence in its announced FY22 bookings expectations.
As a result, the Company has requested that its shares be suspended from trading on AIM while it conducts an investigation with its external legal and professional advisers into the nature of this activity and its true financial position.
The Company will make further announcements in due course.
For further information, please contact:
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WANdisco plc |
via FTI Consulting |
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David Richards, Chief Executive Officer and Chairman |
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Erik Miller, Chief Financial Officer Kam Bansil, Investor Relations |
+44 (0)20 7039 1901 |
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FTI Consulting |
+44 (0)20 3727 1137 |
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Matt Dixon / Kwaku Aning / Tom Blundell |
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Stifel (Nomad and Joint Broker) |
+44 (0)20 7710 7600 |
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Fred Walsh / Richard Short / Tom Marsh |
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Liberum (Joint Broker)
Max Jones / Kate Bannatyne |
+44 (0)20 3100 2000 |
About WANdisco
WANdisco is the data activation platform for accelerating digital transformation at scale. WANdisco makes infinite data actionable across clouds and enterprises in real time. WANdisco customers unleash the business value of the cloud with zero downtime, data loss, or disruption to fuel AI and machine learning, create new services, and transform businesses. For more information about WANdisco, visit www.wandisco.com