This is a ridiculous post, a class action because a share price...

This is a ridiculous post, a class action because a share price went down? And capital letters!

If you don't like the results or management or the future opportunities then sell your shares. There is no indication of any mismanagement or impropriety. The whole tech space has changed very quickly from a growth-at-all-costs model to now revenue and cost savings.

All the major shareholders are still in. They are sitting on cash and have revenues and have had a good smack and no doubt will like all tec start looking at cost reductions

Revenue believe was best explained in a previous post

Total operating revenue has been adjusted from the Company’s Appendix 4E announcement from $35.6m, to $25.3m. The revenue figure has been adjusted because the Company’s interpretation of accounting standards relating to particularly, Platform Fees and Foundation-based revenues has been modified following consultation with the Company’s auditors. "The downgrade of revenues certainly explains why they took their time as the board was probably fighting back with the auditors and lost. AASB15 is only "recent" (FY19) so depending on the accountant/auditor they may not pick up the changes as I would guess they have just been doing what they had always been doing.

Then a new auditor/partner comes along and realises - "hold up there's a 5-step model to AASB15".DUB probably (this is a guess only) has a contract at a price in place...but cannot recognise the revenue as you are only allowed to... "Allocate the transaction price to the performance obligations THEN Recognise revenue when (or as) the performance obligations are satisfied."

They recognised a debt. I think it is with IBM and if it is, it may not be as clear cut as seems due to IBM's restructuring and who has been left holding the debt. but management has said are confident of recouping, they are probably negotiating on future deals and payment terms for the overdue component

On 8 October 2020, IBM Corporation announced its intention to separate the Managed InfrastructureServices (“MIS”) unit of its Global Technology Services (“GTS”) segment into a new public company,Kyndryl. On 1 September 2021, IBM Australia Ltd signed an Asset Purchase Agreement and sold its MIS business to Kyndryl Australia Pty Ltd. With effect from 28 May 2021, IBM Australia Client ServicesPty Ltd changed its name to Kyndryl Australia Client Services Pty Ltd. On 1 September 2021, IBM Australia Ltd sold 100% of its investment in subsidiary, Kyndryl Australia Client Services Pty Ltd(formerly known as IBM Australia Client Services Pty Ltd) to Kyndryl Australia Pty Ltd.

On 3 November 2021, IBM Corporation, the ultimate parent entity, completed the separation of its MISbusiness held in the Kyndryl companies globally through a spin-off when Kyndryl Holdings, Inc and its subsidiaries left the IBM group of companies. Kyndryl Holdings, Inc listed as a separate independent company on the New York Stock Exchange.