IT firm discovered accounting misstatements in November, sending shares down 70%
Companies: Redcentric Plc
The Financial Conduct Authority had begun an investigation into Redcentric's finances following the historic overstatement of net assets and profits first revealed to the market in November.
The IT-service management provider discovered accounting misstatements during the audit of its half-year results in November, which led to a share price fall of nearly 70% after the firm said it would have to restate past results and delay publishing interims.
6 weeks later the business revealed it had taken remedial action, appointed Deloitte LLP and Nabarro LLP to lead the forensic review, and had removed its CFO.
Shares in LON: RCN moved slightly lower on Monday, with the news already priced in by investors.