WiseTech Global shares plummeted by 14.6% to A$100 on Monday, following media reports of misconduct allegations against CEO Richard White.
The board of the Australian technology firm announced it is reviewing a "full range of matters" concerning White's personal life, including claims of inappropriate behaviour and payments to a former sexual partner.
The accusations, which surfaced in the Australian Financial Review and other media outlets, stem from claims made by a former partner regarding White's behaviour since late 2020. These allegations have cast uncertainty over White's future role within the company, destabilising investor confidence.
White has yet to comment on the matter, while WiseTech declined further statements.
The scandal has left investors rattled, as WiseTech shares experienced their worst trading session since August 2023.
The situation is further complicated by White's recent stock sell-off. Since October 11, White has sold 1.35 million shares at an average price of A$131.22 over a ten-day period.
Shares have fallen more than 11% since the start of October, coinciding with the first reports of White’s personal misconduct.
On Monday, The stock reached a day low of $116.50 and a day high of $109.62. WiseTech's market cap stands at $40.72 billion.