Surprise resignation of chief exec happened after FCA probe began, claims filing
According to the investigation,"it transpired that Mr Murphy had engaged in unauthorized and undisclosed trading of the Company's Ordinary Shares on 66 trading days between 6 January 2021 to 10 November 2023, totalling 119 transactions."
And it isn't just Murphy on the hook. There were also 15 additional transactions conducted on behalf of Murphy's wife, or so the filing claims. The company's board professed itself shocked at the antics of its now former CEO. It said:"Given Mr Murphy's longstanding leadership position in the Company, the Board of Directors is saddened as well as shocked by Mr Murphy's actions, which it finds hard to comprehend."
"His actions were entirely at odds with the values of openness, honesty, and transparency which have been and which remain central to the Group's culture and to its ongoing success."Murphy's transactions mean that the Director's Shareholding information has had to be revised to take into account the new information and comes on the heels of a previous investigation into a share purchase by a PCA of a former non-executive director, Alison Vincent.
The announcement coincided with an abrupt drop in the share price of BTG as markets digested the news. The price has recovered somewhat this morning, but still stands at 518.50p at the time of writing, an 8.55 percent fall. ®Euro-cloud consortium issues ultimatum to Microsoft: Fix your licensing or elseThe end of classic Outlook for Windows is coming.
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