Ubisoft executives fined €1.2 million for insider trading

[MightyJordan]

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Five executives from Ubisoft accused of insider trading have been fined a total of €1.2 million by French regulators, including the CEO of Ubisoft Montreal, Yannis Mallat, whose individual fine is €700,000. The company has said it will appeal the decision and continues to support the executives, saying that the regulator does not understand how its games are made.

 

This is part of a long-running case dating back to autumn 2013, when a delay to the original Watch Dogs was announced, causing Ubisoft stocks to take a severe tumble. The executives were accused of knowing the game would be delayed and selling stocks in the weeks leading up to the announcement – an action which is against French trading regulations. The Autorités des marchés financiers (AMF) has been pursuing the case and made its final sanctions on Wednesday.

 

The executives and their accompanying fines are as follows:

• Yannis Mallat (CEO Ubisoft Montreal) – €700,000
• Christine Burgess-Quemard (Worldwide Studios Executive Director) – €200,000
• Francis Baillet (Vice President of Corporate Affairs) – €200,000
• Olivier Paris (Vice President of Exec Operations, Ubisoft Montreal) – €100,000
• Damien Moret (Ubisoft Club Brand Director) – €15,000

 

Banque Transatlantique, which facilitated the share transactions, was also fined €60,000 for a “lack of vigilance” and was told it should have considered the sale of the shares as “capable of constituting an insider dealing” once it saw the announcement of a Watch Dogs delay.

https://www.rockpapershotgun.com/2016/12/09/ubisoft-executives-fined-e1-2-million-for-insider-trading/