Five Ubisoft executives have been accused of insider trading by the Autorité des marchés financiers (AMF), the regulator of the French stock market.
Yannis Mallat, the CEO of Ubisoft Montreal, and four others are suspected of selling stocks in Ubisoft just before its stock fell by 25%. The plummet was caused by the announcement that The Crew and Watch Dogs 2 were to be delayed. AMF is suggesting that these execs used knowledge of the impending announcement to protect their own interests.
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When contacted by Kotaku, who first reported the story, Ubisoft issued the following response:
“Those individuals vigorously dispute their implication in this matter and the AMF’s interpretation of the facts. Yves Guillemot, Co-Founder and CEO of Ubisoft, does not question the good faith of the people involved and has reassured them that they have his full support and trust.
“Ubisoft itself has not been charged by the AMF. Moreover, three of the Canadian team members implicated in the AMF’s action today filed a motion with the Superior Court of Québec demanding that the procedure be declared invalid and seeking damages against AMF France and AMF Québec.”
Ubisoft’s headquarters is based in Paris rather than French Canada, hence the regulator’s interest in the matter. Mallat has denied any knowledge of insider knowledge in Canadian newspaper La Presse, and for the moment, seems to have the full backing of his employer.