Dubber Corporation Limited (ASX:DUB) Announces Recovery Actions After $26.6m Misappropriation
Recovery Actions Initiated
Dubber Corporation Limited (ASX:DUB) has initiated recovery actions following the misappropriation of $26.6 million of company funds uncovered during the FY24 financial year.
Financial Strategy
The company aims to return to underlying operating cashflow positive by December 2025 by reducing annual costs by approximately AUD$4 million and maintaining a strong working capital position of at least $12 million.
Legal Proceedings
Dubber’s subsidiary, Dubber Pty Ltd, has filed proceedings in the Federal Court of Australia against former auditors BDO Audit (WA) Pty Ltd for up to $26,605,000 plus interest and costs. Separate proceedings will also be issued against known parties and their associated professional bodies and insurers, with a trial expected in 2026.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Dubber. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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