Mobileum Lenders Tap Law Firm Amid Accounting Concerns (1)

A group of lenders to Mobileum Inc. has hired law firm Milbank for advice as the accuracy of the company’s financial reporting is called into question, according to people familiar with the matter, who asked not to be named discussing the private engagement.

• Mobileum’s current private equity backer, H.I.G. Capital, this week in a lawsuit accused Audax Group of misrepresenting the financial strength of the telecommunications-software firm H.I.G. acquired for $915 million in 2022
  • Mobileum managers inflated the telecom firm’s revenue at the behest of then-owner Audax by making up phony client invoices from a sham company, H.I.G. ...