Sounds a bit like flap retraction instead of gear retraction, with predictable consequences.
There was a Io-co in the UK that had the same problem. The standard accelleration call was "FLAPS UP SPEED". A procedure that was utterly crasy, and I told them so. Well, after two aircraft staggered away with a lack of flaps at very low speed, the accelleration call was finally changed.
Basic rule of aviation .... if it can happen, it will happen. And you can bet your bottom dollar it will happen on the fourth flight at 03:00, when everyone is dogtired and half asleep. So try and make your procedures as buIIet-proof as possible. Unfortunately, some of these new-entrant airlines were run by beginners, who were always reinventing a very old wheel.