Australian logistics company WiseTech has cut its revenue and profit forecasts after a series of allegations about founder and chief executive Richard White disrupted the company’s product development and release plans.
WiseTech shares fell 14% on Friday after the company cut its revenue forecast for the current financial year to A$1.2 billion ($780 million) to A$1.3 billion from A$1.3 billion to A$1.35 billion.
Earnings before interest, tax, depreciation and amortization are now forecast to be between A$600 million and A$660 million, down from a previous high of A$700 million.
White, the 69-year-old co-founder, has faced accusations of bullying and failing to disclose relationships with employees. The company released an independent report into the allegations on Friday finding that there was “no wrongdoing.”
