France: Massive Insider Trading At EADS | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

AMA Drone Report

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday

Airborne-Thursday

Airborne-Friday

Airborne-Unmanned w/AUVSI

Airborne On ANN

AMA 10.12.17

Airborne 10.16.17

Airborne 10.17.17

Airborne 10.18.17

Airborne 10.19.17

Airborne 10.13.17

Airborne-Unmanned 10.17.17

Airborne-YouTube

AMA 10.12.17

Airborne 10.16.17

Airborne 10.17.17

Airborne 10.18.17

Airborne 10.19.17

Airborne 10.13.17

Airborne-Unmanned 10.17.17

NEW!!! 2017 AirVenture Innovation Preview -- YouTube Presentation / Vimeo Presentation

Wed, Oct 03, 2007

France: Massive Insider Trading At EADS

Chairman Gallois Calls Findings "Preliminary"

In what analysts see as a tremendous blow to aerospace giant EADS, the French government says investigators have determined "massive insider trading" was conducted by 21 top managers in both 2005 and 2006.

The Associated Press reports investigators point to the way EADS executives sold some of their shares in the Airbus parent as a strong indicator of insider trading.

Expecting company shares would fall, the French government accuses them of selling "forward" -- scheduling 2007 transactions at higher 2006 prices. Investigators say that's a good indication those managers knew of trouble on the horizon and were trying to protect their own financial positions.

Investigators at the French Financial Markets Authority are forwarding the allegations to prosecutors in Paris, saying in a statement that the facts in this case are "likely to be qualified as criminal," according to the AP.

EADS CEO Louis Gallois says the findings are "preliminary" in nature.

Shares in French EADS partner Lagardere appear to have taken the largest hit from the news. Fears of a looming insider trading scandal caused stocks to dip six percent in trading Wednesday, according to Thompson Financial.

Rumors of insider trading at EADS first surfaced in May 2006, when several top-level executives sold off their shares at just the right time... right before news of a second delay to the Airbus A380 program became public.

As ANN reported, the ensuing scandal led to the resignations of former EADS co-CEO Noel Forgeard (shown at right) and Airbus chief Gustav Humbert... and prompted investigations from both French and German sides of the aerospace consortium.

FMI: www.eads.com

Advertisement

More News

RFP: ANN Seeking New Site/Facility For Major Studio Upgrade

It's Official: Aggressive Upgrades For New Airborne Programs WILL Require New Digs It's been in development for years, but we're getting to a point where we think we can pull off s>[...]

AMA Drone Report 10.12.17: NTSB--Drone v Blackhawk, City Drops Reg, DJI Privacy

Also: PassengerDrone, FAA Reauthorization Extension, UAS Pilot Certification, Workhorse Surefly The NTSB is now offering public details of the alleged collision between a hobby dro>[...]

Airborne-Unmanned 10.17.17: Eagles v Drones, DJI AeroScope, Drone Policy

Also: AeroVironment Award, Washington State Patrol, Altavian Nova UAS, Robotaxis The French Military is training four Golden Eagles to attack drones in flight as a way to defend ag>[...]

Airborne 10.18.17: Airbus C Series Deal, Red Bull!, Drone v Airline

Also: Glasair 2 And 3 Sold, Send Solutions, Blue Angels, SSBJ, D8 Airliner, Stage 5 Aircraft, Global Supertanker Airbus SE and Bombardier are to become partners on the C Series air>[...]

Airborne 10.17.17: Waco YMF-5F Flies!, SpaceX Streak, BBJs Rule

Also: Embraer, Aero-Calendar, AeroVironment, Sikorsky Heli's, EASA Singapore, FireFighting UAV, WestJet The amazing craftsman of the Waco Classic Aircraft operation in Michigan hav>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC