SAP is currently being investigated by the Frankfurt Public Prosecutor?s Office for suspected insider share trading.
According to UK and German reports, the Federal German Supervisory Office for Securities Trading was alerted to evidence of share sales before the applications supplier announced a profits warning last October for its third quarter figures.
The German Stock Exchange?s watchdog then passed the case on to the Public Prosecutor?s Office, which is now investigating ?persons unknown? rather than specific individuals.
But, the probe is expected to cover more than 100 staff, including the management board, the supervisory board and their families.
The prosecutors have indicated that it could be the most far-reaching case of insider trading since acting on privileged information was made a criminal offence three years ago, and although the volume of suspected deals is as yet unknown, it would appear to have been ?fairly extensive?.
In a prepared statement, SAP said it had ?actively supported these inquiries right from the start by making all of the relevant documents available and naming the company employees who have access to inside information. However, the company currently has no reason to doubt the reliability and discretion of the SAP employees who have access to inside information and have signed an 'Insider Declaration'...To date, SAP has not received a written interim report on the state of the enquiries.?
The statement continued that Dietmar Hopp, the company?s chairman, would address the issue in more depth at the annual general meeting tomorrow and plans to announce that SAP will take appropriate action should the allegations prove to be true.
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