The author of a scathing research report on WiseTech aimed at short sellers has labelled the $10 billion tech darling's financial statements "the biggest accounting headache we’ve had".
The report by hedge fund research firm J Capital accused the company of using accounting trickery to inflate growth and overstate profits, and caused its shares to drop 10 per cent before trading in the stock was halted on Thursday.
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Yolanda Redrup is the co-editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com
Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
Sarah Turner is the editor of the AFR Weekend Perspective section based in our Sydney newsroom. Email Sarah at s.turner@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
