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How Insider Trading at EADS and Airbus Ends including Daimler and Lagardère?
By Amarendra Bhushan for CEOWORLD Magazine Updated:December 17, 2009
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France’s Financial Markets Authority ruled that 17 current and former executives of Airbus and its parent, EADS NV (EPA:EAD),Franco-German aerospace and defence group, had not violated insider-trading laws when they sold company shares three years ago.
The decision ends a two-and-a-half-year investigation into claims that managers of the two companies knew of manufacturing problems with the A380 superjumbo jet when they sold EADS shares in March 2006, three months before the troubles became public. The shares plunged 26 percent the next day.
The plunge prompted the AMF to expand an investigation, opened in May 2006 after investors Lagardere SCA and Daimler AG cut their stakes, to review insider sales in 2005 for possible trades based on privileged knowledge of production issues. The investigation was trimmed to 17 current and former executives in 2008 from a list of more than 1,100 employees.
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