Next Fifteen Group is delaying release of its full-year financials after uncovering an alleged fraud scheme in its Bite Communications unit.
The British-based holding company (Text 100, M Booth and Outcast Agency) issued a statement that calls it a "victim of a complex fraud involving a senior member of the finance team in its Bite North American subsidiary."
Next Fifteen has notified the Federal Bureau of Investigation and is working with auditor BDO and private investigator Kroll to carry out a full forensic probe of the matter.
That investigation is to run for at least a month. The financials were slated for a Nov. 6 release.
Next Fifteen believes the alleged fraud is an isolated incident of personal embezzlement, rather than an accounting irregularity.
The firm said it will ultimately release financial results that are in line within market expectations.