Travel software company Datalex has announced that it will temporarily suspend trading of its shares from May 1st.

It comes as the company says it will not be in a position to meet a regulatory deadline to publish its accounts, as scheduled, on April 30th.

In January Datalex announced that it had mis-stated its 2018 earnings after some services revenue was wrongly recorded, leading it to forecast a loss of up to $4m for the full year.

The Datalex share price fell substantially following the revelation.

PwC was hired to conduct a review of its finances and it substantiated the claim that the company's finances had been misstated.

The review published last month identified "significant accounting irregularities", which has prompted it to overhaul its finance function and implement improved controls.

The firm has also undertaken a cost-cutting programme and raised €10m in new funding from Dermot Desmond's investment vehicle IIU.

The board said in a statement this morning that it aims to minimise the delay in the completion of the accounts.

It added that the company was in the process of finalising the audit and the results would be announced as soon as possible.

Shares in Datalex closed 19.3% lower in Dublin this evening and are down 72.5% on their early January price.