Gretag Counters Insider Trading Allegations on Oce Deal
Press release from the issuing company
12/3/01 - The media allegations against Gretag Imaging claiming that, in the run-up to the sale of the Professional Imaging Division to Océ, a person at the highest level of management made a transaction in Gretag shares, are not borne out by the facts. The disclosure of all transactions in Gretag shares effected in 2001 by the founding shareholders shows that there has been no insider trading from their side.
Investigation of insider trading allegations – founding shareholders disclose their transactions.
Following the sale of the Professional Imaging Division of Gretag Imaging, several media published allegations that the Gretag share price in recent weeks had given rise to suspicion of insider trading. One newspaper specifically leveled this serious reproach – referring to a “reliable source” – against “a person at the highest level of management”. It is very much in Gretag's interest to investigate any illicit actions.
Accordingly, Gretag’s executive management asked the newspaper editors in question to disclose their information. No satisfactory answer was supplied, however. Given this situation, the three founding shareholders of Gretag, William J. Recker, Dr. Eduard Brunner and Dr. Hans-Rudolf Zulliger, decided to disclose their transactions in Gretag shares in 2001 in order to counter the insider trading allegations, as these were aimed at them in particular. The documents they have provided show clearly that no breach of the stock market's insider rules took place here.
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