WiseTech Global Shares Rise After ASIC Clears Founder
WiseTech Global shares rose nearly 5% after the Australian Securities and Investments Commission cleared founder Richard White and two employees of insider trading.
Shares of WiseTech Global rose nearly 5% on Thursday following the conclusion of a yearlong investigation by the Australian Securities and Investments Commission. The regulator issued no-action letters to founder Richard White and two employees, clearing them of insider trading allegations, and closed a separate probe into the company's corporate governance.
Despite these clearances, the logistics software company remains under scrutiny from the Australian Competition and Consumer Commission. That agency is investigating competition and market conduct in the global logistics software sector, a process that included the execution of a search warrant on August 19. WiseTech Global is also defending a shareholder class action concerning disclosures made in 2019.
Financial results for the 2026 financial year showed a 79% revenue increase to US$1.40 billion. However, net income fell 11% to US$178.7 million. The company attributed this decline to acquisition costs and an AI-driven cost-cutting program that resulted in the elimination of approximately 1,700 jobs.
