Wandisco Share Discussion Threads

[fuji99] 28/4/2023 15:20

You cannot put the whole blame on one single person ! They are all crooks robbing PI's.

[dr biotech] 28/4/2023 14:49

There is no credible evidence that there are any customers using the Company's technology ...it would be technically extremely difficult for a third party to implement and deploy the Company's product without the knowledge and support of the Company

But no one raised an eyebrow that they had £100m of sales with only one employee involved? Its just unbelievable that one person could negotiate a technically complex project and price without any backup. I've sold stuff worth 50k before, and with that we have a team to ensure that we can deliver what we are selling. Odd how they don't find fault with anyone else.

[saracen3] 28/4/2023 14:47

So not bust. Likely return at 200p.

[lingeringsmell] 28/4/2023 14:44

Customers where moving data to the Cloud so did they fake that too? Exec team where asleep at the wheel to miss this.

[cc2014] 28/4/2023 13:59

So, the orders were fake but they invoiced around $15m of them.

But one wonders at what point did WAND begin to realise they were delivering no installation support, weren't taking any queries, weren't supplying any support.

"We invoiced $15m but it's completely normal we don't have any costs or staff time at all against the revenue"

[spectoacc] 28/4/2023 11:42

"The Board remains committed to seeking the lifting of the suspension of trading in the Company's shares on AIM as quickly as possible and is working with its Nominated Adviser to achieve this. Further updates will be made in due course as appropriate."

And:

"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."


Feel like I'm missing something - what growth, what success? Much of the growth and t/o (were never any profits) was fraudulent.

[hopesprings] 28/4/2023 11:29

WANdisco (LSE: WAND), the data activation platform, announces that the independent investigation undertaken by FRP Advisory has, based on its detailed review of the identified evidence, drawn its conclusions regarding the scope, scale and limits of the irregularities associated with received purchase orders and related revenue and sales bookings as represented by one senior sales employee. Those conclusions are that:



* all of the purchase orders associated with the senior
sales employee in question are illegitimate;

* all other purchase orders (i.e. those not associated
with or secured by the senior sales employee in
question) are legitimate;

* the impact of these findings on the Company's
accounts, therefore, remains as set out in the
Company's announcement of 3 April 2023; and

* there is no credible evidence that there are any
customers using the Company's technology and who
believe they are making payments to either the
Company, an authorised reseller or partner but who
are instead making payments unwittingly and/or
unknowingly to an unauthorised third party. However,
notwithstanding that it would be technically
extremely difficult for a third party to implement
and deploy the Company's product without the
knowledge and support of the Company, it is not
possible to provide a completely definitive
conclusion that there has been no unauthorised use by
a third party.

[1c3479z] 25/4/2023 10:57

Considering that the problems here were said to be the result of actions by a single employee, the investigation is taking a long time. the sooner it's all resolved the better for the future of the shareholders if they have any.

[dr biotech] 21/4/2023 11:51

I don't see how the FCA could have known - they can't possibly check whether every companies trading statements are true. What they can do is to look into a fraud once its exposed and then take appropriate action. They would only be liable for companies /products which they oversee, and this wouldn't be one of them. Caveat Emptor.

[johneee] 21/4/2023 11:30

If it hurts the FCA by paying out , then maybe just maybe the FCA will begin to stand up and fight for the right governance.

Big enough payout from the FCA
and they will then begin to Police the stock market correctly
rather than provide a crime number and do little or nothing for shareholders

[johneee] 21/4/2023 11:27

Is WAND another Neil Woodford type catastrophie ?

Will the FCA step and pay out for the lack of their own FCA intervention !!!!

FCA usually watch , know, and do nothing.....until the horse has bolted

Hence it's not unreasonable to assume that the FCA may have to compensate this time

[napoleon 14th] 21/4/2023 09:07

Smacks of GBO where it took the FCA six years to pretend they deserved a salary...

CEO Costis Papadimitrakopoulos practically admitted his guilt in a 2015 board meeting: He brought to the attention of the Board certain matters regarding the falsification of data and the misrepresentation of the Company's financial situation, and offered his resignation, as did Dimitris Gryparis the unqualified CFO of the Group.

November 2021, the the FCA are finally took some action -
Globo were a known busted flush in 2017 -
false sales figures on an industrial scale.

CEO Costis Papadimitrakopoulos and unqualified CFO Dimitris Gryparis have never been troubled and probably live in Cyprus with that Poly Peck dude Asil Nadir whom Thatcher so admired...

Nadir indeed!........
Bis repetita?

[nimbo1] 20/4/2023 09:07

I hope the FCA take proper action and involve the police as this entire event has been very damaging not only for shareholders but for the credibility of UK exchanges and regulators.

I hope management end up in jail if they were part of it.

[bbmsionlypostafter mk2] 20/4/2023 08:37

Wandisco (WAND) already has an internally driven enquiry underway into the industrial scale fraud, c/o FRP Advisory. But marking your own homework is not good enough in a case like this and now the FCA had stepped in. For ex CEO Dave Richards and ex CFO Erik Miller, who were resigned on April 3 this is not good news....

[bookbroker] 20/4/2023 07:57

This will not be re-listing, these enquiries invariably take forever, and what sort of business is it. It has never gained any real traction, continues to burn capital, so I imagine the few assets and IP will be sold off and the company liquidated.

[albert zog] 20/4/2023 07:43

Pump and Dump ?

WAND price went up 4x over this period

This FCA investigation is surely the precursor to criminal proceedings, if pump and dump is verified

Unbelievable

[spectoacc] 20/4/2023 07:34

Perhaps: Wandisco Action Now, Keep Expecting Relisting, Shareholders.

[someuwin] 20/4/2023 07:32

Anyone going to set up a shareholders action group to recoup damages - a'la LGB.

WAG maybe - Wand Action Group?

[eeza] 20/4/2023 07:22

FCA Investigation


WANdisco (LSE: WAND), the data activation platform, has been notified by the Financial Conduct Authority ("FCA") of its commencement of an investigation into the Company. The investigation relates to certain regulatory announcements released by the Company during the period 1 January 2022 to 9 March 2023, which may have materially mis-stated the Company's financial position.



The Board is co-operating with the FCA in this endeavour, in addition to continuing to support the completion of the independent investigation already being undertaken by FRP Advisory.

[bones698] 20/4/2023 07:04

Inevitable FCA would get involved although moving as fast as ever . Going to be quite a while if ever before this trades again

[bones698] 12/4/2023 12:21

20-50p still my target here looking back

[papillon] 05/4/2023 13:35

👍 purchaseatthetop. 🤣🤣