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March 9 (Reuters) - WANdisco , a UK-based data
software firm, said Thursday that an internal investigation
showed "significant, sophisticated and potentially fraudulent
irregularities" by an employee, prompting significant going
concern issues.
The company said the investigation conducted by its chief
executive and finance chief showed irregularities in its orders
and bookings, as represented by a senior sales employee.
WANdisco said the irregularities will significantly hit its
cash position and now projects fiscal 2022 revenue to be as low
as $9 million, compared with the $24 million it had reported.
"The company has no confidence in its announced FY22
bookings expectations," it said. It had reported full-year
bookings of $127 million in January.
The AIM index, where WANdisco is listed, has suspended
trading in the company's shares from Thursday morning, pending
an announcement.
(Reporting by Prerna Bedi in Bengaluru; Editing by Dhanya Ann
Thoppil and Savio D'Souza)
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