FMA closes Xero share investigation, concludes no insider trading

Fri, 10 Nov 2017

By Sophie Boot Nov. 10 (BusinessDesk) - The Financial Markets Authority has closed its two-year investigation into trading in Xero shares, concluding there was no insider trading ahead of a capital raising announcement. The regulator began investigating in September 2015 after a referral by NZX in June that year. Despite no price sensitive information being released to the market, shares in the software developer spiked in the lead-up to the Feb. 25 announcement that the firm had raised $147 million from North American investors. The...

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