AMS – Atomos Restricted | Aussie Inventory Boards

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It used to be Jeromy Younger’s commute on a 34-metre yacht from locked-down Sydney to the Gold Coast to observe a rugby fit in July remaining 12 months that attracted the co-founder of ASX-listed Atomos hostile headlines and a $5000 wonderful.
However, consistent with a lawsuit filed within the Awesome Courtroom in California, there used to be oh so a lot more happening underneath Younger’s nostril on the video tech team, which floated in 2018 with the strengthen of Ashok Jacob’s Ellerston Capital (proprietor of 12.5 in line with cent of the crowd), and which counts Phil King’s Regal Finances Control as a 9.85 in line with cent shareholder.

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Jeromy Younger began Atomos in 2010.
Estelle McGechie, the previous CEO of Atomos who the corporate stated in April used to be sacked “basically as a result of she has now not but relocated to Australia”, has alleged, somewhat, that she used to be wrongfully terminated as a result of she “dared to talk up about rampant unlawful habits at Atomos”.
The Silicon Valley-based McGechie, a former Apple developer who used to be appointed Atomos CEO in September 2021, has alleged Atomos engaged variously in “securities fraud and earnings manipulation”, “falsely reporting subject material gross sales forecast knowledge”, “channel stuffing” (transport over the top inventory to vendors to artificially spice up momentary gross sales figures), and “insider buying and selling”.
She additionally cites an “insidious boys’ membership tradition” at Atomos, a feminine team of workers member who used to be allegedly “sexually stressed and assaulted” by means of an unnamed government who went unpunished, and rife “gender discrimination and retaliation”.

On its section, the Atomos board stated it “considers the claims to be unfounded”, “will vigorously shield any claims in opposition to the corporate” and “may be progressing quite a lot of claims in opposition to” McGechie.
McGechie’s claims centre on what she describes as her makes an attempt to flag considerations over allegedly fraudulent gross sales, for which she believes she used to be sacked in retaliation.

Channel stuffing​

She claims Atomos allegedly engaged in “channel stuffing to fraudulently recognise greater gross sales earnings and manipulate its efficiency numbers” and “to fulfill analyst forecasts … and take care of an artificially inflated proportion worth”.



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