WANdisco Plc is being investigated by the Financial Conduct Authority over whether the data activation platform made regulatory announcements that materially mis-stated the company’s financial position.
(Bloomberg) — WANdisco Plc is being investigated by the Financial Conduct Authority over whether the data activation platform made regulatory announcements that materially mis-stated the company’s financial position.
The investigation will focus on certain regulatory announcements from Jan. 1, 2022 to March 9, 2023, according to a statement Thursday. WANdisco’s board is co-operating with the regulator, while also continuing to support the completion of the independent investigation already being undertaken by FRP Advisory, the statement said.
WANdisco warned in March it had uncovered “sophisticated” accounting irregularities and “potentially fraudulent irregularities” in booking software sales.
The suspected irregularities were in regard to purchase orders from one senior salesperson, and were discovered during an internal probe days after the British software firm said it was considering listing in the US. The company requested trading of its shares, which are listed on London’s Alternative Investment Market, to be halted pending the investigation.
Read More: WANdisco Warns of Potential Fraud Days After US Listing Push
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