EADS offices searched in insider trading probe

12th December 2006, Comments 0 comments

PARIS, Dec 12, 2006 (AFP) - A search was under way Tuesday of the French headquarters here of EADS, the company that owns Airbus, in connection with a probe into alleged insider trading by senior personnel of the group, a company source said.

PARIS, Dec 12, 2006 (AFP) - A search was under way Tuesday of the French  headquarters here of EADS, the company that owns Airbus, in connection with a probe into alleged insider trading by senior personnel of the group, a company source said.

An EADS spokesman told AFP that a search was being carried out but would not comment on the nature of the operation nor the offices targeted by investigators.

A similar search was also taking place elsewhere in Paris at offices of the group's space division, an EADS source said.

Several other sources later said a search had taken place as well at the headquarters of French media and technology group Lagardère, which is an EADS shareholder.

The operations were ordered by two judges of the Paris civil court.

The Paris prosecutor on November 20 ordered a probe into suspected insider trading, dissemination of false information and possession of ill-gotten shares in the European Aeronautic Defence and Space company.

The investigation was launched following a complaint and claim for damages filed last June by an individual shareholder.

An association of small shareholders, APPAC, has in addition filed a complaint, although without a compensation claim, with the prosecutor.

The complaints allege that several senior employees and executives of the group sold shares in EADS knowing that a delay in the delivery of the Airbus A380 superjumbo was to be announced and would spark a fall in the value of the shares.

Copyright AFP

Subject: French news

0 Comments To This Article