US EditionWood Group to restate accounts after information withheld from auditors
- Wood's share price fell nearly 28% to 28.8p after disclosures regarding accounting mistakes and weaknesses in its financial culture.
- An independent review uncovered material weaknesses in Wood's financial governance, highlighting inappropriate management pressure and failures that necessitate adjustments in prior-year income statements and balance sheets.
- Wood is currently in discussions with Sidara regarding a potential takeover bid, with a deadline set for April 17, 2025.
- Due to the extent of the review, Wood announced that its full-year accounts for 2024 will not be published by the April 30 deadline, which may lead to the suspension of its shares.
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Wood shares plunge as report reveals 'weaknesses and failures'
Wood shares have plummeted further after a review of contracts from prior years identified "material weaknesses and failures" in the financial culture of Wood shares plummeted after a review of contracts from prior years identified "material weaknesses and failures" in the financial culture of the Aberdeen-headquartered firm
·United Kingdom
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