'First redundancies at Sheffield tech firm WANdisco' hit by potential $15m fraud
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The Star understands WANdisco employees were let go as the firm battles the fallout from the stunning revelation in March. Investigators at FRP Advisory have since confirmed income last year was $9.7m and not $24m as reported and bookings were just $11.4m not $127m.
A whistleblower said: "It’s a cost-cutting exercise in relation to the recent fraud and the situation the company finds themselves in."
A WANdisco spokesman did not comment on the redundancies.
He said: “We will be looking at multiple workstreams to set the firm on the path to long term success.”
Chief executive and co-founder David Richards and chief financial officer Erik Miller resigned last month. WANdisco had a market value approaching £1bn and employed more than 180 in Sheffield and California. The firm has funded several educational schemes in Sheffield and has set up an academy to teach coding.