“After our acquisition of Various, we became aware that Various and its subsidiaries had not collected VAT from subscribers in the European Union nor had Various remitted VAT to the tax jurisdictions requiring it. We have since registered with the tax authorities of the applicable jurisdictions and have begun collecting VAT from our subscribers in the European Union and remitting it as required.”

I would hold off on putting any cash down on this stock until they clear their debt and any misc. things from the Various acquisition. The IPO is also underwritten by Renaissance Capital, which is based in Moscow. Not exactly your typical Morgan Stanley or Goldman Sachs type companies but I can see that the adult nature of this transaction would keep the conservative companies out of the game for sure.