Australia's Atomos slumps after report of alleged securities fraud

Atomos

01/09/2022 02:10

** Video tech firm Atomos Ltd  AMS.AX  falls as much as 24%
to A$0.19 in its biggest intraday pct drop since May 6
    ** AMS slumps after AFR reports former CEO Estelle McGechie
has filed a complaint in a Superior Court of California alleging
"securities fraud and revenue manipulation" (https://bit.ly/3AvfK5e)
    ** AMS says AFR misreported the complaint, adds McGechie's
allegations "not borne out by the facts" (https://bit.ly/3Rm3eMk)
    ** Also says "allegations of being a whistle-blower and
gender discrimination are not true"
    ** AMS appointed McGechie as CEO in September 2021 (https://bit.ly/3q0uBzY)
 
    ** McGechie was let go in mid-April this year, primarily
because she had not relocated to Australia (https://bit.ly/3B1h9SE)
    ** AMS said on Monday it found McGechie's claims "unfounded"
and that it was pursuing its own claims against her (https://bit.ly/3TypiFg)
    ** Stock hits its lowest since June 30, top loser in the ASX
All Ordinaries index  .AORD 
    ** Stock down more than 76% this year, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))