EADS DEFENDS EMPLOYEES AGAINST INSIDER TRADING CHARGE

Dino D'Amore
By Dino D'Amore December 13, 2010 11:50

EADS DEFENDS EMPLOYEES AGAINST INSIDER TRADING CHARGE

Airbus parent, European Aeronautic Defence & Space Company, EADS, has stated that it is convinced of the innocence of the several former and current executives accused of insider dealing in 2005 and 2006.

Even though French financial markets watchdog Autorité des Marchés Financiers found 17 executives innocent of any wrongdoing last year, a judicial investigation, which began in 2006, is still ongoing.

Seven executives have been indicted,w hich are thought to include former Airbus chief executive Noël Forgeard, former EADS chief financial officer Andreas Sperl, former deputy chief executive Jean-Paul Gut, and Gustav Humbert, Olivier Andries and Alain Flourens.

The executives are accused of having exercised stock options and sold EADS stock before the news was announced that the Airbus A380 program was facing delays when EADS share price closed down by 26%.

John Leahy, chief operating officer-customers of Airbus and Erik Pillet former Airbus human resources manager have also been placed under investigation recently although in a statement EADS said this was a procedural judicial step taken by the judges in this continuing investigation.

“The concerned present and past executives have already proven their innocence once before the AMF Sanctions Commission. EADS is convinced that they will be proven innocent once again,” said EADS. “EADS expresses its full confidence in the professional competence and personal integrity of its concerned senior executives, and it thanks them for the very high degree of professionalism they have continuously demonstrated in the performance of their duties throughout these very long legal proceedings.”

Dino D'Amore
By Dino D'Amore December 13, 2010 11:50
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