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FCA launches probe into data firm WanDisco

FCA WANdisco
Image credit: T. Schneider via Shutterstock

After the discovery that the company may have falsified millions in revenue, the Financial Conduct Authority (FCA) is launching a probe into data firm WANdisco.

The WANdisco investigation from the FCA will focus on the period between January 2022 and March 2023 according to the company.

A statement from WANdisco said that company announcements over this period “may have materially misstated the company’s financial position”.

The statement added that the “board is co-operating with the FCA”.

The Yorkshire-based firm said in March that an internal investigation from the CFO and CEO found “potentially fraudulent irregularities with regard to received purchase orders and related to revenue and bookings”.

The AIM-listed firm’s false revenue report of $15m (£12.1m) led to the suspension of its shares.

Its claimed revenue for 2022 was $24m, however, it was found that the real revenue should have been $9.7m.

David Richards and Erik Miller, who served as CEO and CFO respectively at the time, left their roles at the company, though a statement from WANdisco claimed this decision was unrelated to the irregularities found in the reports.

Prior to the suspension of trading of shares in WANdisco, the software group had entered the early stages of a New York listing.