Evidence points to insider trading at EADS

19th July 2007, Comments 0 comments

19 July 2007, BERLIN (AP) – Germany's financial services regulator BaFin said it has turned over evidence of insider trading in EADS shares over to prosecutors in Munich.

19 July 2007

BERLIN (AP) – Germany's financial services regulator BaFin said it has turned over evidence of insider trading in EADS shares over to prosecutors in Munich.

The agency found evidence supporting suspicions of insider trading by five people, spokeswoman Anja Schuchhardt said Wednesday.

She said the investigation, which focused on the plunge in the company's shares in 2006 after it announced delays in production of its Airbus A380 superjumbo jet, was not aimed at EADS or its top executives. "This is not against EADS or its upper management," Schuchhardt said.

The initial probe from BaFin will now be taken up by prosecutors in Munich, who will decide what further action to take, she said.

Shares in European Aeronautic Defence and Space NV Co. plunged after the company announced a further delay in when its Airbus subsidiary would deliver the A380.


DPA

Subject: German news

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