WANdisco has confirmed that it has appointed an independent investigator to look into “significant, sophisticated and potentially fraudulent irregularities.”
The Sheffield company has brought in FRP Advisory, which will work with a newly formed investigation committee comprised of Independent Non-Executive Directors, Peter Lees and Karl Monaghan.
It stated that “existing external legal and professional advisers will also support the process, as necessary.”
The company requested that its shares were suspended from trading yesterday.
That was due to “irregularities” which gave rise to “a potential material mis-statement of the Company’s financial position.”
It had been expected to announce revenues in the region of $24m, but it admitted that this could now be “as low as $9m.”
In a statement to AIM this morning it added that it would “continue to make further announcements, as appropriate.”
