Australian logistics company WiseTech has revised its revenue and profit projections following allegations surrounding its founder and CEO Richard White, which disrupted its development and product release schedules.
On Friday, WiseTech’s stock dropped by 14% after the company reduced its revenue forecast for the current fiscal year to a range of A$1.2bn ($780mn) to A$1.3bn from the previously estimated A$1.3bn-A$1.35bn.
The forecast for earnings before interest, taxation, depreciation, and amortization has also been revised down to a range of A$600mn to A$660mn, compared to the earlier projection of up to A$700mn.
White, the 69-year-old co-founder, has been accused of bullying and failing to disclose relationships with employees. Following these allegations, the company released an independent report on Friday stating that there was “no impropriety” found.
