Embattled software company Getswift Ltd (ASX: GSW) requested a further extension of its suspension from the ASX this morning. Getswift announced that it has appointed PriceWaterhouseCoopers (PWC) to ‘review the company’s continuous disclosure compliance.‘
As we covered here and here, Getswift shares were placed in a trading halt last Monday in order to prepare a response to the ASX following media allegations.
Fairfax Media Limited (ASX: FXJ) alleged that Getswift failed to notify the market of material contract losses. Getswift admitted last week that it had lost the contracts, however, it said that they were not material.
The ASX was apparently dissatisfied with the company’s responses and suspended Getswift shares pending further enquiries. Today’s recruitment of PWC suggests that Getswift is looking to get a second opinion on whether it has complied with its disclosure obligations to the ASX. If the company has not complied adequately with regulations, it could be exposed to penalties.
Getswift will release its quarterly ‘4C’ update to the market tomorrow, however, shares will be suspended until later in the week when the company releases its ‘market update’ following PWC’s assistance.
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