WANdisco suspends stock trading and initiates fraud investigation

Technology group WANdisco has warned of a significant drop in revenue in 2022 after discovering potential “fraudulent irregularities”.

The UK and US software group, which this week said it was exploring another New York IPO, has asked to have its shares suspended on the UK’s Aim market pending the investigation.

The irregularities relate to “purchase orders received and related revenue and bookings represented by a senior sales employee,” WANdisco said Thursday.

The discovery “leads to a material uncertainty in regard [the company’s] general financial situation,” he added.

“The board expects full-year 2022 revenue to be as high as $9 million, not $24 million as previously reported. In addition, the company is not confident in its reported booking expectations for FY22.”