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

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 08.03.15

Airborne 07.21.15

Airborne 07.22.15

Airborne 07.23.15

Airborne 07.24.15

Airborne Hi-Def On YouTube

Airborne 08.03.15

Airborne 07.21.15

Airborne 07.22.15

Airborne 07.23.15

Airborne 07.24.15

EAA/ANN AirVenture Innovation Preview

AIP-#1 Vimeo

AIP-#2 Vimeo

AIP-Part 1 YouTube

AIP-Part 2 YouTube

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

A Whole Lot of OSH15 Awesome! 2015 EAA/ANN AirVenture Innovation Preview!

Get The Inside Details On THE Most Exciting NEW OSH15 Innovations And Product Announcements... in High-Def Aero-TV Video The staff of the Experimental Aircraft Association and the >[...]

Aero-News: Quote Of The Day (08.03.15)

"The opportunities for commercial tethered drones for security, infrastructure inspection and disaster response is tremendous and ASEC believes that by harnessing DAC's innovative >[...]

Annual Oshkosh 201 'Best/Worst Of' Award Selection Invites YOUR Participation!

YOU Can Contribute To The Annual List Compiled By The Staff and Readership of the ANN and Aero-TV! E-I-C Note: We're going to start naming names and dropping details in just a few >[...]

Airborne At OSH15 Day 5 Redux: Inhofe's Mission, NextGen GA Fund, New Kitfox

Also: Cicare 8, Switchblade Update, Beringer Alaskan Bush Gear, Jack Pelton Interview - Final E-I-C Note: Regularly Daily Airborne Unlimited Programming will resume this Monday now>[...]

Klyde Morris (08.03.15)

Klyde Finds A-POO Relying on Ted Stryker To Bail Them Out... FMI: www.klydemorris.com>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2015 Web Development & Design by Pauli Systems, LC