Wynyard, which develops software used by governments and companies to fight crime and corruption, listed on the NZX in July 2013 selling shares in an initial public offering at $1.15 each. The potential claim by investors has been extended to cover the period from the IPO to today instead of the originally proposed period of Aug. 1, 2015, to Feb. 16, 2016.
The claim will centre on Wynyard having misled investors over statements relating to the $26 million reported revenue for 2015 falling well short of its guidance of $40 million-to-$45 million and director comments on the status of the deeply-discounted $30 million capital raising in March at $2 per share.
Zane Kennedy of Minter Ellison Rudd Watts was originally appointed as a legal adviser but has had to stand down due to a conflict within the firm. Marshall, a Wanaka-based funds manager, said he was talking to several other legal advisers prepared to take on the case and hoped to appoint one in the near future.