Wandisco Share Discussion Threads

[lucicavi] 09/3/2023 18:55

Buyer under 1p here

Anything under 3p is a bargain

GLA

[smithie6] 09/3/2023 18:40

Business function sounds like a load of rubbish to me.

Accessing data via the cloud. Big deal. Amazon, Msoft etc provide lots of services for that. In any case it just putting the data in a server in the cloud rather than in your office. (When data links are down you have no connection of course !)

"About WANdisco

WANdisco is the data activation platform for accelerating digital transformation at scale. WANdisco makes infinite data actionable across clouds and enterprises in real time. WANdisco customers unleash the business value of the cloud with zero downtime, data loss, or disruption to fuel AI and machine learning, create new services, and transform businesses. For more information about WANdisco, visit www.wandisco.com.

[smithie6] 09/3/2023 18:15

'mortality'
wrote

..'big jump in receivables'

"This means that invoices were sent out for some sort of service provided. Which means that WANdisco actually provided a lot of work into these fake contracts lol."

the last part is not quite true.
..a jump in receivables can mean that products were sent out ....& does not always mean 'a lot of work' was done.

to claim receivables the accounts dept. should have things like dated order numbers from specific clients for those receivables

so, imo it is difficult to have fraudulent items in the calculations/admin. of receivables unless the managers of the accounts dept & phps the FD are not also involved in the fraud.

for big sales it would not just be 1 salesman involved but also managers & the FD,
....sales targets, quotations for sales (countersigned by managers or dirs), credit review of any big client (to check they will be able to pay), interest of managers in who any big sales targets might be etc etc

[weaverbeever] 09/3/2023 18:14

Just read the news In the Times. Ive been watching enviously for past couple of months, thinking I'd missed an amazing share. Really sorry for the holders here. Right kick In the balls. If it makes anyone feel better I lost 23k on DDDD recently when it went bust. Good news is I made that back and and 3 times as much the next month via shares in other companies. Truth is, share dealing is a brutal game. Lick your wounds and keep investing. 50% of our decisions are right and 50% are wrong. With shares you don't know which way until 1 month after the decision Good luck all holders.

[privileged] 09/3/2023 18:06

It was on my short watch list just hard to time with all the bullish talk of $500m sales, 100% margin and nasdaq listing . Clearly BS and crazily overvalued

[lucicavi] 09/3/2023 18:00

Buyer under 1p here

Anything under 3p is a bargain

[waterloo01] 09/3/2023 17:59

Very sorry for holders. How's it possible without a huge amount of collusion? £850m market cap, on £5m sales, as of yesterday. Unreal. One of the broadsheets will unpick this.

[smithie6] 09/3/2023 17:58

Dr Biotech.

imo it is impossible for 1 sales person on their own to achieve that false accounts are produced by the finance department & signed by the FD.

the claimed sales from a salesperson have to be processed by the accounts dept. & managers including sending out official invoices to each specific known buyer & supervising whether payment is made & then chasing & phoning the buyer if payment is not made.

if a supposed buyer gets an invoice for work/product that they think was never bought/contracted then they will ring up accounts at WAND & kaboom....the fraud is revealed. So, very difficult or impossible to have such a fraud unless the managers of the accounts dept & FD are also not part of it.

[loafofbread] 09/3/2023 17:57

Anyone lucky enough to be short?

[smithie6] 09/3/2023 17:48

if its the well known Griffiths

he is supposed to be very clued up, or was.
if his holding here was geared then very bad news, he'll get a big payment demand !
(if his CFD took 25% margin then if his average buy price was say £8 then he would have put up at least £2/share

& would get a payment demand for £8-2=£6/share

[dr biotech] 09/3/2023 17:43

Bit in the FT listing all the deals that this lot have announced





September 29, 2016: Founder CEO David Richards is ejected.

October 6, 2016: Richards is reinstated and most of the board resigns.

September 25, 2018: Wandisco announces an “initial $200k contract win with a major automotive customer” it does not name.

November 5, 2018: Wandisco announces “a $1mn contract with the leading information and communications technology provider in China,” which it does not name.

December 27, 2018: Wandisco announces a $700k contract “with a major American managed healthcare company” it does not name.

February 14,2019: Wandisco raises $17.5mn with a share placing.

April 1, 2019: Wandisco announces a contract worth $2.15mn with “a leading global provider of ICT infrastructure and smart devices in China,” which it does not name.

November 1, 2020: Wandisco announces “an initial deal worth up to $1mn with a major British supermarket,” which it does not name.



And so on - about 35 lines of contracts won, but customer never named until todays announcement..




March 9, 2023: Wandisco announces it has suspended shares due to “significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee” it does not name.



Very difficult to see this as being worth anything. Everything announced in the last 18 months is potentially fraudulent and possibly beforehand. Maybe that say the US arm has been showing fraudulent sales/invoicies/bank balances etc.

I feel for anyone left in here. I got stung by MJ Hudson recently. Said the were expecting "Adjusted ebitda of 8.3m" Turns out they had an excessive LTIP that would have paid a handful of execs £10m (about 30% of the market cap)based on achieving a certain level of adjusted earnings. The CFO appears to have fraudulently manipulated the figures with some help from a founder CEO who wasn't entirely honest either. Sound familiar?

Similar situation at Revolution beauty, sales faked to hit targets etc. Bet none of them even get a fine. Bioprogess, Valerie..list goes on

[jonnywalker77] 09/3/2023 17:41

His synthetic position is via CFD (see previous TR1’s and likewise for other names he’s in). Not sure who is on the other side of the CFD - I would guess Lombards

[spectoacc] 09/3/2023 17:11

Lol @Scrutable - you do realise this is a gonner, and not coming back, don't you?

Care to name me these "..Big names in Silicon Valley.."?

@Pugugly - great point re Griffiths, has some large notifiable stakes elsewhere. May not get margined instantly but it'll soon go to 100% on Wandiscontinued.

[mortal1ty] 09/3/2023 17:03

Interesting to notice receivables jump from 14m to 44m in the last 6 months.

This means that invoices were sent out for some sort of service provided. Which means that WANdisco actually provided a lot of work into these fake contracts lol.

How is that even possible. I wonder if this wasn't a truly sophisticated fraud. As someone said... they could make 10s of millions betting on the share price.

[scrutable] 09/3/2023 16:56

Possibly the greatest shock in 30 years of investment. I apologise to anyone inadvertently misled.
However the thundering herd of justified critics will almost certainly drive the share price down too far below the current value based on the technology and real level of business.

Instead of joining the chorus I would like to ask a few questions and get valid answers.

1) Isn't the technology unique? Recently WAND won the City A.M. Awards 2023 for Innovative Company of the Year unlikely to have been won just on fraudulent sales figures . I believe it probably is unique or the many big names in Silicon valley would not have embedded it in their own offers. There must be lot of good guys in the company who can continue to exploit it profitably on a different scale than that recently reported after the bad guys have been fingered.

2) Where are the many 50% deposits with orders RNSd? Did the announced deposits never reach the Bank? If not then the CEO should be arrested, the salesman involved too and his assets restrained until there is clarity.

3) What have the Nomads been doing authorising RNSs for these increasingly giant contracts??The FCA should do something drastic about theeir negligence

4) When can the auditors weed out the false clients from the real ones?

We need to know asap what the real picture is very quickly before the market overreacts and is likely to injure more bona fide investors than necessary..
A lot of the story is still good and true but obscured by the fraud. The IOT and AI are producing pentabytes of data best held and processed in the Cloud. WAND still seems to hold the global lead and at some much lower price can still be a good growth share. The stink must first evaporate and the audit published before a relisting.

[miavoce] 09/3/2023 16:42

Remember it well snoopy12 - I sold out of them not long before it happened. Wasn't so lucky with Just Group (BUMs) and Langbar but hopefully I have now learned my lesson.

[snoopy12] 09/3/2023 16:40

Does anyone remember Carl Cushnie and Versailles. Invoicing fictitious customers.

[orange1] 09/3/2023 16:27

Back in 2016 CEO David Richards was sacked by Wandisco but seven working days later was reinstated.

At the time this was seen as a bruising battle "between a bean counter, accountancy style of management and the free-wheeling, buccaneering, energetic, Silicon Valley entrepreneurial approach of Dave Richards".



So seven years on, who was right?

[bertiebingo] 09/3/2023 16:12

they have cash burn approx 30m and have been issuing shares to plug that gap. They haven't issued audited FY22 numbers yet but surely cash burn is even higher now esp as they will need to spend on legal & auditor fees. So likely need more capital but will massively dilute current shareholders. This could go down 90%+.

[bertiebingo] 09/3/2023 16:11

Wasn't fraud