Shares of the Australian tech giant plunged on Tuesday after federal authorities searched its Sydney office over share trading allegations against founder Richard White and three other employees.
Key Takeaways
- The Australian Federal Police and ASIC executed a search warrant at WiseTech Global’s Sydney office.
- The search relates to alleged trading in WiseTech shares by Richard White and three employees between late 2024 and early 2025.
- No charges have been laid, and there are no allegations against the company itself.
- The company’s share price fell 17% to $70.65 following news of the raid.
Key Background
In a statement released to the ASX on Tuesday, Wisetech said it was cooperating fully with any investigation.
“Officers of the Australian Securities and Investments Commission and the Australian Federal Police attended WiseTech’s Sydney office yesterday,” the statement read.
“They executed a search warrant requiring the production of documents regarding alleged trading in WiseTech shares by Richard White and three WiseTech employees during the period from late 2024 to early 2025.”
“So far as WiseTech is aware, no charges have been laid against any person and there are no allegations against the Company itself,” the company said in an ASX statement.
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