Ubisoft Montreal’s Yannis Mallat and four other Ubisoft executives have issued a denial of insider trading allegations. The French regulator ‘Autorité des marchés financiers’ (AMF) has alleged that the five engaged in insider trading back in 2013.
Specifically, the AMF is suggesting that when Mallat and his four fellow executives sold off company stock ahead of 15 October 2013, they did so with the inside knowledge that delays to The Crew and Watch Dogs would have a significant impact on Ubisoft’s share value. That proved to be the case, with stocks falling on the back of the news.
Mallat is claiming he only learned of the delay after he sold the shares. The five employees (three from Canada, two from France) are expected to appear before the AMF on 18 November.
In response, Ubisoft have issued the following statement: “Ubisoft is aware that an action being brought by the French Autorité des Marchés Financiers (AMF) involves five of our team members. Those individuals vigorously dispute their implication in this matter and the AMF’s interpretation of the facts.”