Aussie tech firm’s crash ‘one of the worst’

An Aussie tech company stopped in its tracks when $30m went missing has resumed trading and been slammed, with its share price plummeting.

Cloud-based telco call recording firm Dubber has been rocked in recent months, as its co-founder and chief executive was stood down and then sacked after $30m in a third-party term deposit went missing. The company went into a trading halt in late February at $0.135. The stock resumed trading on Wednesday but closed at $0.061.Sky News business editor Ross Greenwood called it “one of the worst share price falls in the history of the ASX”.

Founder and chief executive of Melbourne call recording software company Dubber, Steve McGovern, was sacked as ASIC investigates whether he and a third-party trustee misused $30m of Dubber's money. Picture: LinkedIn Issues at Dubber emerged when an audit found $30m supposedly being held by Christopher William Legal in a term deposit was missing. Dubber chief executive and co-founder Steve McGovern was then suspended.“From the investigation conducted to date, it is alleged that Mr McGovern and the trustee were likely involved in the unauthorised use of those funds, including for purposes which were not for the company’s benefit,” the company announced last week as it sacked Mr McGovern.

Chief Executive Tech Firm Trading Halt United States Of America Business Editor Lowest Share Price Tech Company North America Melbourne Oceania Worst Share Price America Financial Services Industry Share Price Christopher William Legal Australia And New Zealand Victoria Software Company Capital Raising Stock Market Ross Greenwood Third-Party Term Deposit Blair Jackson Northern America Shaw And Partners Adam Dawes Term Deposit Steve Mcgovern Newswire-Business Australia

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