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Court puts mobile technology company Globo under administration
Reuters
November 4, 2015, 2:17 am
(Reuters) - British mobile technology firm Globo Plc, which last month disclosed financial irregularities at the company, said on Tuesday that a court had placed it under administration.
Globo, under investigation from UK's financial watchdog, said the court had appointed Chad Griffin, Simon Kirkhope and Lisa Rickelton of consulting firm FTI Consulting as joint administrators.
The company came under the scanner last month after U.S. hedge fund and short-seller Quintessential Capital Management raised questions about Globo's revenue model and finances in a report.(http://bit.Iy/1kHyFkU)
The report prompted the company to convene an emergency meeting, where some financial irregularities were revealed and its chief executive and chief financial officer resigned.
Trading in Globo's shares were suspended on Oct. 23 at the request of the company. The company had a market value of 106 million pounds as of the stock's last close.
(Reporting by Rahul B in Bengaluru; Editing by Maju Samuel)
