Getswift (among other things) put out material contracts saying they had business and reoccurring revenue with some major large caps. It was found out that these contracts were only trial contracts, and some of the companies backed out.
Getswift failed to notify the public that a. they were trials and b. that businesses expected to have reoccurring revenue had backed out.
Prior to this, Getswift did a capital raising of $100 million (around that figure) at a share price of around $4.
After a AFR writer investigated and found out the truth, it was published online and the stock dropped from $4 to about $0.5
It brought up questions of shady management practice and brought on multiple law suits against Getswift.
Getswift is now the poster child for bad management practice for misleading the public.
Getswift (among other things) put out material contracts saying...
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