![]() ![]() Īlessandro Sodi stepped down as CEO in 2015 to focus on the launch of Diligent Teams as Chief Product Strategy Officer. It was fined by the NZX for a number of minor breaches of listing rules. The company also acknowledged that its accounting systems were underdeveloped and required improvement. No fraud was involved, though the company was required to recognize revenue from the date of a contract being signed rather than the start of a month, and its installation fees recognized over a longer period of time. In August 2013, Diligent announced that it would need to restate revenue for the current and preceding three years due to discrepancies in company accounting practices. By mid-2013, the Diligent stock price had reached over $8.00 NZD a share. Between 20, company revenue grew by 165%. Diligent made its first operating profit in 2012. With the release of the Apple iPad in 2010, Diligent developed an app for this new platform and commenced a period of explosive growth in client numbers. Company growth and revenue restatement issues Diligent's share price collapsed to $0.14 by March 2009, but later recovered to lead the pack of technology listings. Henry remained on the Board, his value to the company recognised by the other members of the board. Coincidentally, Russell, in the 1980s, worked for the Bank of New Zealand, which had lent the company $15.5m on a handshake." Henry was replaced by Alessandro Sodi, who was then President. We have no concerns whatsoever." It was reported that "Diligent's promoters and directors, including director Mark Russell of law firm Buddle Findlay, knew of Brian's connection with Energycorp, but decided not to disclose. However, some journalists at the time claimed that Diligent's PR firm and attorneys "should have advised Henry to publicly acknowledge his history." In fact, Diligent's IPO attorney, Mark Russell, said his firm, Buddle Findlay, "was proud to have our brand associated with Diligent and with Brian in particular. The day following Diligent's listing, the company announced Henry's resignation as CEO due to the oversight of the disclosure of this information. Diligent released a statement clarifying that Gerald Henry was not associated with the company. Gerald Henry was given a jail term for fraud in 1991 due to a subset of US law. These bankruptcies occurred in the late 1980s due to the 1987 share market crash. While fundraising for the company was successful, prior to the company listing, some information became public regarding bankruptcies of original founder and CEO Brian Henry and his brother Gerald Henry. Manhattan Creative Partners was renamed to Diligent Board Member Services, shifting the services to focus on corporate governance delivery software.ĭiligent listed on the New Zealand Exchange (NZX) in 2007 with a $24m NZX IPO, valuing the company at $115m. In 2003, Henry and Borg formed Diligent Partners, together with Sharon Daniels, Dan Kiley, Kenneth Carroll, Alessandro Sodi, Marc Daniels and Robert Craig. ĭiligent began developing Boardbook in early 2001, when AIG Sunamerica, requested a secure automation of board documents. JSTOR ( November 2022) ( Learn how and when to remove this template message)ĭiligent was founded by Brian Henry and Kiri Borg in 1994 as Manhattan Creative Partners (MCP) which consulted and hosted secure websites for financial institutions, mutual funds and insurance companies.Unsourced material may be challenged and removed.įind sources: "Diligent Corporation" – news Please help improve this article by adding citations to reliable sources in this section. Relevant discussion may be found on the talk page. This section needs additional citations for verification. ![]()
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