Cirata (CRTA)

Sector:

IT Services

Index:

FTSE AIM All-Share

 31.85p
   
  • Change Today:
      0.000p
  • 52 Week High: 81.20
  • 52 Week Low: 17.00
  • Currency: UK Pounds
  • Shares Issued: 126.34m
  • Volume: 312
  • Market Cap: £40.24m

WANdisco fraud probe traces irregularities back to one employee

By Abigail Townsend

Date: Friday 28 Apr 2023

LONDON (ShareCast) - (Sharecast News) - WANdisco confirmed on Friday that a potential $14m fraud could be traced back to one rogue employee.
Following an investigation carried out by FRP Advisory, the UK software firm said all purchase orders associated with one senior sales rep were "illegitimate". All other orders not associated with the unnamed employee were, in contrast, legitimate.

The probe also found there was "no credible evidence" that any customers were unknowingly paying unauthorised third parties.

FRP's findings will now be passed onto WANdisco's auditors.

WANdisco stunned markets in March when it said "significant, sophisticated and potentially fraudulent irregularities" had been discovered relating to orders and bookings made by one senior sales employee.

The discovery meant full-year revenues should have been $9.7m, instead of the $24m it posted in January, while bookings should have been $11.4m and not $127m.

Shares in the AIM-listed firm, which earlier this year had been considering a dual US listing on the back of apparently buoyant sales, have been suspended.

Chief executive David Richards, who co-founded the business, and chief financial officer Erik Miller resigned earlier this month, although WANdisco stressed their departures were not related to the accounting irregularities.

FRP Advisory was brought in to carry out an independent investigation, and is continuing to assess both company processes and steps taken to improve internal controls.

Kenneth Lever, executive chair, said: "We are pleased to have received these findings, which confirm the limits of the impact of the identified irregularities.

"The board remains squarely focused on workstreams to lift the suspensions of our shares as soon as is practicable, and position WANdisco for long-term growth and success."

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Cirata Market Data

Currency UK Pounds
Share Price 31.85p
Change Today 0.000p
% Change 0.00 %
52 Week High 81.20
52 Week Low 17.00
Volume 312
Shares Issued 126.34m
Market Cap £40.24m

Cirata Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
35.51% above the market average35.51% above the market average35.51% above the market average35.51% above the market average35.51% above the market average
65.00% above the sector average65.00% above the sector average65.00% above the sector average65.00% above the sector average65.00% above the sector average
Price Trend
49.56% below the market average49.56% below the market average49.56% below the market average49.56% below the market average49.56% below the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average
Income Not Available
Growth
71.56% below the market average71.56% below the market average71.56% below the market average71.56% below the market average71.56% below the market average
87.18% below the sector average87.18% below the sector average87.18% below the sector average87.18% below the sector average87.18% below the sector average

Cirata Dividends

No dividends found

Trades for 03-Jun-2025

Time Volume / Share Price
08:30 312 @ 32.05p

Cirata Key Personnel

CEO Stephen Kelly

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