Ubisoft executives accused of insider trading

Several executives are being accused of insider trading around the time Ubisoft announced some major delays.


Ubisoft will be launching Watch Dogs 2 today on PC, PlayStation 4, and Xbox One, and while fans of the original will be enjoying some shenanigans within its game world, some real-world shenanigans involving several Ubisoft executives accused of insider trading is being reported.

According to the regulator for France’s stock market, Autorité des marchés financiers, five Ubisoft executives are being accused of using insider knowledge in order to sell and profit from their stocks, including the CEO of Ubisoft Montreal, Yannis Mallat.

The publication claims all five executives sold some of their company stock in the weeks leading up to October 15, 2013. That date is particularly important considering that’s when Ubisoft announced both Watch Dogs and The Crew would be delayed to 2014.

Ubisoft has denied these claims and has even submitted a statement regarding the incident to Kotaku:

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. 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.

These proceedings revolve around Ubisoft’s temporary stock market drop in the fall of 2013, after it was announced that Watch Dogs and The Crew would be delayed. The French AMF is alleging that before the announcement the team members in question may have sold securities while being in possession of insider information. The proceedings will continue in November at the Commission des Sanctions (sanctions board) in Paris.

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.

[Via GamesIndustry]

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