Probe finds false purchase orders at WANdisco had named eight companies
Millions of pounds worth of false purchase orders made by a senior sales employee at WANdisco had supposedly come from eight different companies – an independent investigation has confirmed today.
Latest details from the probe into fraudulent activity at the Sheffield-headquartered big data firm, have confirmed that there are actually no recent contracts, revenues, proofs of concept, technical engagements or sales relationships between any of these eight companies and WANdisco.
Trading in the company’s shares has been suspended since 9 March and the business has been working to rebuild its position since news of the fraud was publicly revealed.
Earlier this week, resolutions put forward at a general meeting to enable WANdisco to go ahead with a £30m equity fundraise were overwhelmingly backed by shareholders.
The company’s Board now says it will seek to have the share suspension lifted upon completion of the proposed fundraise and when audited accounts for the year to 31 December 2022 have been released. This is currently expected to be on or around 30 June 2023.
WANdisco’s management is progressing a “Turnaround Plan” as outlined on 15 May 2023. Further details of the plan will be shared with investors during an investor roadshow, intended to begin shortly.
A fresh identity for the business has also been proposed, with a name change on the cards.
In its update today, the firm explains: “The change to the company name is part of a broader update to the company’s overall brand to best reflect the values and vision embodied in the Turnaround Plan, including but not limited to improvements in disclosure, governance, and the Board’s future ambitions for the company.
“Further details on the proposed change will be shared as appropriate and confirmation of the date of the Annual General Meeting will be made in due course.”