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ENDAVA (NYSE: DAVA) Replaces CEO and CFO, Confirms Financial Statements Are Unreliable, Contracts Lack Economic Substance, Financial Restatements Pending

Nov 9, 2026, 1:23 PM EST1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Confirmed unreliable filings and contracts lacking economic substance create litigation and regulatory risk and may force restatements that change reported revenue, balance-sheet items and cash-flow presentation; the leadership departures increase governance uncertainty until restatements and any SEC review conclude.

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What happened, with direct paths to the underlying reporting

Endava's audit committee found multiple 2025-2026 interim financial statements unreliable and disclosed that certain fiscal‑2026 customer/supplier agreements lacked economic substance; restatements are pending and senior finance and legal officers departed while an interim CEO was installed.

Endava's Audit Committee determined that the company's financial statements for the three months ended Sept. 30, 2025; the three months and six months ended Dec. 31, 2025; and the three and nine months ended Mar. 31, 2026 should no longer be relied on by investors.
Endava said certain agreements entered into in fiscal 2026 with counterparties that were both customers and suppliers "lacked economic substance" and that revenue recognition and balance sheet entries for those transactions were not in compliance with relevant accounting standards.
Endava admitted in an SEC filing that its CFO Mark Thurston left his positions three days earlier and that CEO John Cotterell was replaced with an interim CEO; the company also said General Counsel Rohit Bhoothalingam resigned days earlier.

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