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UbiSoft executives fined 1.2 mil EU for insider trading

source: http://www.kitguru.net/gaming/matthew-wilson/ubisoft-executives-fined-e1-2-million-for-insider-trading/

 

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back in November, CEO of Ubisoft Montreal and other four executives were accused by the French AMF (Autorité des Marchés Financiers) of insider trading

these executives sold part of their shares in UbiSoft prior to WatchDogs game getting a delay in it's release date

Quote

The Autorité des marchés financiers (AMF) handed down the fine earlier today but as Ubisoft has told Kotaku, the publisher will be appealing the judgement and believes that those involved did not intentionally commit any crime: “Ubisoft acknowledges the AMF’s decision, but continues to assert that the people involved acted in good faith. We are convinced that these team members did not intentionally commit any acts contrary to market regulations.”

 

The French regulator is accusing Ubisoft executives of having prior knowledge of this delay and taking advantage of that privileged information to sell shares before market value took a dive. This is a violation of France’s insider trading laws but so far, no charges have actually been filed.

 

this is not good news for Ubi

earlier this week, Vivendi increased their shares in Ubi to 25.15% and now have 22.92% of the voting rights

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But then, wouldn't ALL investments involving Ubi shares made by these people be in violation of those rules? They are the ones who take these decisions, of course they'll know ahead of time what the company will do.

Don't ask to ask, just ask... please 🤨

sudo chmod -R 000 /*

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3 minutes ago, Sauron said:

But then, wouldn't ALL investments involving Ubi shares made by these people be in violation of those rules? They are the ones who take these decisions, of course they'll know ahead of time what the company will do.

it's still insider trading - the illegal practice of trading on the stock exchange to one's own advantage through having access to confidential information

 

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18 minutes ago, zMeul said:

it's still insider trading - the illegal practice of trading on the stock exchange to one's own advantage through having access to confidential information

 

Ok, but then it should be illegal for them to trade their company's shares at all.

Don't ask to ask, just ask... please 🤨

sudo chmod -R 000 /*

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8 minutes ago, Sauron said:

Ok, but then it should be illegal for them to trade their company's shares at all.

no, you got it wrong

if they trade their stock and make it public, it's not insider trading

 

dunno exactly how french law deals with this matter, "legal insider trading"

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I can drop a thumbs up for bringing back that old GIF.

 

 

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Well then..

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