WANdisco’s co-founder has stepped down as an ongoing probe into the company’s finances continues.
The data specialist said the departure of David Richards, who is also chief executive, was not connected to the findings to date of the independent investigation by FRP Advisory. FRP today reported that orders giving rise to revenue of $14.9 million dollars in 2022 were false and sales bookings of $115.4 million were also false.
WANDisco said CFO, Erik Miller, was also leaving the business, effective today.
WANdisco, which suspended trading in its shares last month, reported the investigation is progressing well, concentrating on purchase orders and related revenue and sales bookings reported by one senior sales employee.
As a result of the findings of the investigation to date, revenue for the year to 31 December 2022 should apparently have been US$9.7mln, compared with not less than US$24mln guided in January, and bookings should have been US$11.4mln compared with US$127mln.
Ken Lever will become executive chairman pending the appointment of a new chief executive, which will commence shortly. WANdisco has named Ijoma Maluza as interim CFO.
WANdisco said the results of the independent investigation to date continue to support the initial view that the irregularities are as a result of the actions of one senior sales employee.
