The Australian Securities & Investment Commission (ASIC) reported that the District Court of New South Wales sentenced former chief executive officer and director of Sirtex Medical Limited Gilman Edwin Wong for insider trading. Wong pleaded guilty to the charges.
Wong was sentenced to one year and six months’ imprisonment to be immediately released on recognisance of $10,000 to be of good behaviour for three years. Wong is also disqualified from managing corporations for a period of five years.
In October 2016 Wong having inside information on Sirtex’s sales sold 74,968 Sirtex shares and gained more than $2 million.
Later in 2016, Sirtex released a Trading Update on the ASX devaluing the growth forecasts for the 2017 financial year. The opening price of Sirtex shares fell to $13.01 after the announcement, a decrease of approximately 49% from the previous day’s closing price of $25.49. The value of the Sirtex shares had they been sold at the volume weighted average price (VWAP) on 9 December 2016, would have been more than $1 million.
Read More:
