By Abby Wallace
An investigation into the beleaguered tech firm WANdisco has found that falsified accounts can be traced back to one senior sales employee, the company said on Friday.
The Sheffield-based data company said the investigation — carried out by advisory firm, FRP Advisory — found that falsified purchase orders associated with the senior employee in question are “illegitimate,” while all other orders are legitimate.
“We are pleased to receive these findings, which confirm the limits of the impact of the identified irregularities in line with our announcement of April 3,” said Kenneth Lever, WANdisco’s executive chairman, in a statement.
“The board remains squarely focused on workstreams to lift the suspension of our shares as soon as is practicable and position WANdisco for long-term growth and success,” Lever added.
WANdisco – what happened
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.
Earlier this year, an internal investigation at WANdisco found that $15m of revenues and $115m of sales last year were made up. The company is also also under investigation by the Financial Conduct Authority (FCA) into alleged fraud.
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