Australia executes search warrant on WiseTech for documents, shares skid nearly 9%
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Aug 19 : Australia’s competition regulator has executed a search warrant on WiseTech Global for documents related to the supply of global logistics services and software, the company said on Wednesday.
Shares of the logistics software provider ended 8.7 per cent lower at A$39.58, their lowest close in nearly two weeks. The stock also marked its steepest one-day drop since late June.
WiseTech said it intended to fully cooperate with the investigation conducted by the Australian Competition and Consumer Commission (ACCC).
Neither the company nor the competition watchdog provided details on the nature of documents sought when contacted by Reuters.
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“The decision to execute a search warrant… suggests the regulator considered a more formal and intrusive evidence-gathering step necessary, although the execution of a warrant itself does not establish that WiseTech has breached competition law,” said Hebe Chen, a market analyst at Vantage Markets.
“The bigger issue for investors is the timing. WiseTech is still rebuilding confidence after a period of heightened governance and regulatory scrutiny, so this latest development adds another layer of uncertainty.”
WiseTech shares have fallen nearly 70 per cent since allegations about co-founder Richard White’s personal life first surfaced in late 2024.
On June 22 this year, the stock plunged nearly 20 per cent after reports that the Australian Federal Police were investigating executive chairman White over allegations that he exploited a woman’s immigration status for sex and provided false information in a visa application.
WiseTech had said then the alleged investigation concerned White in his personal capacity and that the company was unaware of any investigation as outlined in media reports.
White had said he “strenuously and unequivocally” denies recent media allegations.
White stepped down as CEO in October 2024 but stayed on as executive chair until last month.
Source: Reuters
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