Main dates in EADS insider trading scandal

3rd October 2007, Comments 0 comments

3 October 2007, PARIS (AFP) - About 20 executives at Airbus parent company EADS have been accused of insider trading in a preliminary report prepared by the French stock market regulator AMF. Here are the main dates in the scandal.

3 October 2007

PARIS (AFP) - About 20 executives at Airbus parent company EADS have been accused of insider trading in a preliminary report prepared by the French stock market regulator AMF. Here are the main dates in the scandal.

2006

March 6: a new production plan drops the number of deliveries of the A380 superjumbo in 2007 to 24 from the 29 initially planned.

March 7: The Tribune newspaper says French co-chairman Noel Forgeard secures authorisation to sell his stock-options, at a profit of 2.5 million euros.

March 20: The groups Lagardere and DaimlerChrysler, both private shareholders, say that they are each going to divest up to 7.5 percent of their holdings.

June 13: Airbus informs its clients of a delay of deliveries of six to seven months of the A380, limiting its deliveries in 2007 to nine planes.

June 14: EADS shares fall by 26.32 percent to 18.73 euros.

June 16: The French stock market regulator AMF says it has been investigating trading in EADS shares for several weeks.

June 21: Private shareholders lodge a complaint about insider trading.

July 2: Noel Forgeard resigns.

October 3: EADS says that the programme of deliveries of the A380 will have a third delay of "on average a year" and announces the recovery plan Power8 which will involve thousands of job losses and the closure of sites.

November 23: the Paris prosecutor opens a judicial probe for insider trading and the publication of false information.

December 12: The French headquarters of EADS and the headquarters of the group Lagardere are searched as part of the judicial enquiry.

December 14: The association of small shareholders (ADAM) decides to lodge a complaint for insider trading and misleading information.

2007

March 9:  EADS announced a net profit of 99 million euros in 2006, forced down by the losses at Airbus, compared to 1.68 billion a year earlier.

April 24: Several EADS chiefs are summoned by financial police.

May 22: The AMF grills the chief operating officer of EADS, Jean-Paul Gut, on suspicion of insider trading.

May 29: The financial authorities grill the co-chairman of EADS Arnaud Lagardere.

Oct 3: French newspaper Le Figaro reports that the AMF document alleges that management and shareholders at EADS had engaged in massive insider trading by selling shares before major problems at Airbus were made public.

AFP

Subject: German news

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