Former Gunns Ltd boss John Gay's guilty plea on insider trading
Nick Clark The Mercury
Former Chairman and CEO of Gunns Limited, John Gay leaves the Launceston Supreme Court after pleading guilty to insider trading.
FORMER Gunns Ltd boss John Gay has pleaded guilty to one count of insider trading.
Gay entered the plea this morning in the Supreme Court in Launceston, The Mercuryreports.
The charge relates to the sale of more than 3.4 million Gunns shares between December 2 and 10, 2009.
The Australian Securities and Investments Commission had alleged Gay had insider knowledge of Gunns revenue and profit before tax from a monthly management report in October.
Gunns reported a 98 per cent drop in half yearly earnings in February 2010 and its share price plummeted.
Mr Gay stood down as the company's chairman in May 2010.
Read more at The Mercury
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