Insider trading complaint filed against Airbus parent
France’s stock market watchdog has filed a formal complaint against Airbus parent EADS.
The regulators say they have found evidence of insider trading at the company following an 18-month investigation.
They are initiating sanction proceedings against several unidentified individuals for violations of French insider trading rules and against the company itself for misleading investors.
The case centres on whether EADS management were aware of serious problems with the production of the A380 before they sold shares.
Following the announcement that A380 deliveries would be delayed, EADS shares plummeted.
The case will now be referred to Paris prosecutors, but the AMF stressed that nobody has yet been found guilty of illegal activity.
According to the BBC, EADS said it would “exercise vigorously” its right to defend itself.
Chief executive Louis Gallois said:”EADS will support its managers in their defence, it intends to demonstrate that it has applied standards of excellence when communicating to the market and has acted with full transparency.”
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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