Software firm WANdisco plans to change its name as part of turnaround plan
WANdisco confirmed that the company will continue with the next phase of its plan to raise up to $30m and lift the current suspension of the company's shares. In March, bosses at the group said they had found that “significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee, have been discovered”.
In April, WANdisco said that “evidence identified supports the initial view that the irregularities are as a result of the actions of one senior sales employee only.”
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Hide AdA statement issued on Friday said: “The company continues to liaise and cooperate with the authorities in relation to the issues identified, including providing access to the findings of the independent investigation already undertaken.
"The independent investigation findings confirm that there were eight companies from which purchase orders transpired to be false. The findings of the independent investigation confirm that there are no recent contracts, revenues, proofs of concept, technical engagements or sales relationships between any of these eight companies and WANdisco.”
The statement added: “At the 2023 annual general meeting of the company, it is anticipated that one of the proposed resolutions will relate to a change of the company's name.
"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.”