WiseTech Global Shares Tumble 15% Amid Share-Trade Probe

By Stuart Condie

SYDNEY--WiseTech Global shares tumbled to what would be their lowest closing level since February 2024 amid an investigation into alleged share trading by the logistics-software provider's executive chair.

WiseTech on Tuesday said that Australian federal police and officers from the Australian Securities and Investments Commission had executed a warrant on its Sydney office in search of documents related to Richard White's alleged trading.

After about 30 minutes of Tuesday's session, WiseTech's ASX-listed stock was down by 15% at 72.11 Australian dollars, or US$47.26.

Earlier this year, Australian newspapers alleged that White, the company's co-founder and executive chair, had sold millions of dollars of stock during a restricted period.

ASIC declined to comment on what it said was an ongoing investigation.

WiseTech said that it would fully cooperate and that it wasn't aware of any allegations against the company.

WiseTech shares have lost almost 50% of their value over the past year against the backdrop of a series of controversies related to White.

He stepped down as CEO last year following a string of personal allegations by Australian newspapers that led to billions of dollars being wiped from WiseTech's market value.

White, who is WiseTech's largest shareholder, remained active at the company amid an internal review of his behavior and company governance, prompting its chair and three other directors to quit in protest.

He subsequently retook control as executive chair, remaining in the position even as WiseTech warned him about his behavior.

After acknowledging that he should have reported some personal relationships to the board, White hired Zubin Appoo as chief of staff in April and announced him as CEO in July.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

October 27, 2025 20:07 ET (00:07 GMT)