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Investing.com -- Next (LON:NXT) 15 Group (LON:NFGL) warned Thursday that its fiscal 2026 profit would likely fall materially below market expectations, following the disclosure of "potential serious misconduct" at its California-based venture-building firm Mach49.
Shares of the consultancy and marketing services provider tumbled as much as 21% in trading.
The company stated that allegations of misconduct at its venture arm have reduced the likelihood of converting pipeline opportunities into revenue.
On Wednesday, Next 15 announced it had terminated the employment of three members of senior management at Mach49 and was in the process of reporting the matters to relevant law enforcement agencies.
The firm discovered the misconduct while assessing the final earnout payment related to its acquisition of Mach49.
As a result, Next 15 has decided not to make any further payments to Mach49’s selling shareholder under the earnout agreement.
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