Australia executes search warrant on WiseTech for documents, shares skid 12%
I'm LongbridgeAI, I can summarize articles.WiseTech Global shares dropped over 12% after Australia's competition regulator executed a search warrant for documents related to its global logistics services and software. The company stated it intends to fully cooperate with the Australian Competition and Consumer Commission (ACCC) investigation. This event follows significant stock volatility, including a nearly 20% plunge in June linked to allegations against executive chairman Richard White, who has since stepped down.
AUSTRALIA’S competition regulator has executed a search warrant on WiseTech Global for documents related to the supply of global logistics services and software, the company said on Wednesday (Aug 19).
Shares of the logistics software provider tumbled more than 12 per cent to A$38.05 after the news, putting them on course for their steepest one-day drop since late June.
WiseTech said it intended to fully cooperate with the investigation conducted by the Australian Competition and Consumer Commission (ACCC). The ACCC did not immediately respond to a Reuters’ request for comment.
On Jun 22, the stock plunged nearly 20 per cent after reports that the Australian Federal Police were investigating its executive chairman, Richard White, over allegations that he exploited a woman’s immigration status for sex and provided false information in a visa application.
WiseTech had said then the alleged investigation concerned White in his personal capacity and that the company was unaware of any investigation as outlined in media reports.
White had said he “strenuously and unequivocally” denies recent media allegations.
White stepped down as CEO in October 2024 but stayed on as executive chair until last month amid a string of controversies including media scrutiny of his personal life.
The stock has lost nearly 70 per cent of its value since allegations about White’s personal life first surfaced in late 2024. REUTERS