LOGISTICS solutions provider WiseTech Global has announced its securities are to be placed in a trading halt, pending a market announcement.
Barring a contrary ruling from the ASX, trading in shares is expected to remain halted until the start of normal business on Monday or when the announcement is released to the market.
In a market statement released by corporate governance executive secretary David Rippon, the trading halt was to “enable the company to respond to allegations contained in a research report and ensure trading does not take place in an uninformed or false market”.
“WiseTech anticipates that the trading halt will cease upon its announcement to the market being released by the ASX,” Mr Rippon’s statement read.
The research report mentioned was from J Capital and suggested the company had overstated profits by as much as $116m. The report caused a dip in WiseTech’s share price.