WANdisco: FCA probes tech firm ‘mis-stating’ financial position – after $115m of false sales revealed
WANdisco, the beleaguered tech firm, is now under investigation by the The Financial Conduct Authority into alleged fraud.
It is looking to whether the data activation platform misrepresented its accounts, and comes after the chief executive and finance boss stepped down after an internal investigation found that $15m of revenues and $115m of sales last year were completely made up.
In an announcement this morning, the FCA said Wandisco has been notified of the probe which “relates to certain regulatory announcements released by the Company during the period 1 January 2022 to 9 March 2023, which may have materially mis-stated the Company’s financial position.”
“The Board is co-operating with the FCA in this endeavour, in addition to continuing to support the completion of the independent investigation already being undertaken by FRP Advisory.”
Sheffield-based WANdisco suspended trading on the London Stock Exchange in March after an internal investigation uncovered “potentially fraudulent irregularities” on its books, which may have caused it to massively overstate its financial performance for the previous year.
More to follow