Globo chief and finance boss resign amid claims of irregularities
by David Hellier from Technology | The Guardian on (#RN8R)
Hedge fund levels claims of data falsification and misrepresentation of financial position by AIM-listed mobile phone software developer
The chief executive and chief financial officer of Globo, an AIM-listed technology group, have resigned amid allegations of falsification of data and misrepresentation of the company's financial position.
The resignations come days after a scathing report into the company's financial position by the US hedge fund Quintessential Capital Group and the suspension of stock market trading in Globo shares. The hedge fund claimed Globo, which was valued at about 100m, had been massively overstating its revenue and profit.
