UK tech giant WANdisco suspends share trading amid major fraud reports

The technology group WANdisco has requested for its shares to be suspended from trading on the UK’s Aim market upon discovering “significant, sophisticated and potentially fraudulent irregularities.”

Those irregularities, according to the company, pertain to “received purchase orders and related revenue and bookings, as represented by one senior sales employee.”

“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,” said WANdisco.

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Allegedly, the issue will cause a significant concern related to the giant’s overall financial position, potentially meaning that the group’s whole revenue for 2022 could be as low as $9 million (£7,6 million) and not $24 million (£20,2 million) as previously reported.

The shares will be suspended as the company conducts an investigation into its actual financial position and the details of the potentially fraudulent activity.

The announcement comes just a few days after WANdisco’s disclosure of plans to explore an additional listing in New York.

In February last year, HM Revenue and Customs (HMRC) seized three Non-Fungible Tokens (NFTs) as part of an investigation into a suspected fraud involving 250 fake companies.

Big TechNews


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