Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Evotec says it promptly reported share trades withheld by former CEO

Published 22/01/2024, 14:56
Updated 22/01/2024, 15:32
© Reuters.

By Ludwig Burger and Alexander Hübner

FRANKFURT (Reuters) -German biotech firm Evotec on Monday said it had immediately reported trades in its shares by its former CEO as soon as it was informed of the transactions that he had kept under wraps for up to three years.

"Evotec has acted always in compliance with the statutory regulations and our own very strict compliance code," supervisory board Chair Iris Loew Friedrich said in an analyst call.

She added that the former CEO had "clearly" not been in compliance with the company's established procedures.

Evotec, which works in drug development with partners including Novo Nordisk (CSE:NOVOb), Bayer (ETR:BAYGN) and Bristol-Myers Squibb (NYSE:BMY) , said on Jan. 3 that CEO Werner Lanthaler would resign for personal reasons after almost 15 years with the company.

According to Reuters calculations based on regulatory filings, Lanthaler had purchased Evotec shares for about 4.8 million euros ($5.23 million) between 2021 and 2023, while selling shares for a total of 7 million euros.

German insider trading regulation gives executives three days to report share trades involving their company.

($1 = 0.9179 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.