From a compliance perspective, yes, they should have turned the ship.
With everything else, well, the problems are still present.
ASIC & the CAs (1 alive & 2 still up in the air) are focussing on GSWs disclosure issues of the past, not whether GSW is still misleading the market. This will hurt GSW $$, leadership & market rep for the foreseeable future.
There is zero evidence numerous enterprise customers are using GSW at a scaled capacity. E.g. Let's say you have a restaurant chain that owns 1000 stores & delivers 1000 meals a month per restaurant (equalling 1M monthly orders). If each order GSW took A$0.10cents then the revenue would be 100K per month. Sadly, this is greater than GSW total operating monthly revenue. Now, if we consider that they proudly say things like "70 countries & 60 verticals), with revenue of (on average) about 80K per month, how are we to believe that numerous enterprise customers are using GSW.
Following other people's comments, moving forward, it is highly doubtful new enterprise customers will choose to elect GSW given its persistent issues & in light of fast-growing market competition.
And yes, all insto investors are reducing their stake. This is very significant.
We could go around in circles, but evidence suggests that GSW does not have the investor, market sentiment, customer (& potentially technology) backing to turn this around.
GSW Price at posting:
18.5¢ Sentiment: Sell Disclosure: Not Held
