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WANdisco PLC on Friday said it has appointed London-based advisory firm FRP Advisory to lead an independent investigation into potential fraud at the company. In addition, it confirmed that it has formed an investigation committee comprised of two independent non-executive directors, Peter Lees and Karl Monaghan, to support the investigation process. On Thursday, the data activation company suspended its shares after uncovering signs of possible ‘sophisticated’ fraudulent activity, just days after it announced it was exploring a potential US listing. The company explained that, following investigations by its chief financial officer and chief executive officer, it has discovered ‘significant, sophisticated and potentially fraudulent irregularities’ with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee. Consequently, WANdisco said the irregularities would ‘significantly impact’ its cash position and lead to ‘material uncertainty’ regarding its overall financial position. WANdisco added on Friday that external legal and professional advisers would also support its investigation process. The company said it would continue to make further announcements, when appropriate. Shares in the WANdisco last traded at 1,324.41 pence in London. Copyright 2022 Alliance News Ltd. All Rights Reserved.
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