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Embattled Australia former-tech-crown-jewel Wisetech Ltd (ASX:WTC) has jumped more than +4.8% in afternoon trades after the company revealed ASIC is dropping an investigation into founder Richard White.
Some $57M worth of shares had traded hands in WTC as of 1.20pm AEDT, not too far off the 4wavg but reflecting an obvious show of positivity from many investors hoping Wisetech’s most pressing troubles may now be in the rear view mirror.
The ASIC investigation into company founder Richard White, along with two other current Wisetech employees, was probing allegations of insider trading and kicked off on 28 October of 2025.
Just shy of a year later, ASIC has dropped the inquiry, with Wisetech confirming on Thursday the regulator issued no-action letters to all individuals involved.
A second investigation launched by ASIC into Wisetech governance issues commenced in late 2024 was also dropped on Thursday, similarly culminating in a no-action notice.
However, as for the regulator’s insider trading probe, one other un-named individual not currently employed by Wisetech does remain under investigation.
That hasn’t been enough to concern investors with Wisetech shares at a one month high and posting gains of nearly +10% WoW (a/a 1.25pm AEDT) despite another dismal day for tech investors on Australia’s XTX.
At the time of writing, Korea’s tech-heavy KOSPI index was down another -7% intraday as chip shares sell-off on a mix of both earlier reports from this week China has developed its own next-gen microchips domestically, and, hotter than expected US inflation.
Wisetech limited, which has the largest market cap of all XTX constituents at A$11.86B, was the only major green on Thursday afternoon.
The resolution of these ASIC matters is another step forward for the Company as we apply our full focus on creating long term value for shareholders.
That focus is obviously being well-received by investors on Thursday, and for understandable reasons – year on year, Wisetech shares are down nearly -60%.
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