Brown Rudnick Featured in The Lawyer for Successful Cross-Border Work

Following an interview with Lena Hodge, head of Equity Capital Markets, and lead associate Nick Davies, The Lawyer published an article entitled "City talk: How Brown Rudnick handled a late-night crisis call."

The Sept. 16 article highlights how the team secured the survival of its longstanding client WANdisco Plc, now named Cirata Plc., in a complex, high-profile and cross-border engagement involving a $30 million equity fundraise for the company's turnaround plan following the discovery of what is understood to be one of the largest frauds involving an AIM-listed company since the accounting fraud at Patisserie Valerie in 2018.

Cirata is a software and cloud computing company that trades on AIM, specialising in mass data migration to the cloud.

In March 2023, the company announced that it had discovered "significant, sophisticated and potentially fraudulent irregularities," which would "significantly impact the company's cash position and lead to a material uncertainty regarding its overall financial position and significant going concern issues" and that an independent investigation was being conducted into the irregularities.

The Brown Rudnick ECM team, led by Hodge and supported by Davies and partner Ian Weinstein with regards to the FCA investigation, were instructed from the outset of the discovery of the irregularities and deftly navigated the company through the complex and widespread consequential fallout, addressing the challenges that threatened to jeopardise the vital completion of the fundraise.

The Lawyer, recognising the crucial role Brown Rudnick played in this matter, shortlisted the team for "Corporate Team of the Year" at The Lawyer Awards 2024.