Scottish chip developer Wolfson Microelectronics – a long-time Apple partner for iPod components – has been fined £140,000 for a delay in disclosing insider trading information.
“The FSA said there was a false market in Wolfson shares for 16 days after it failed to reveal the price sensitive information last March,” reports The Guardian.
The claims describe a situation in which the chip maker had been told by a major client (potentially Apple, but that’s speculation on our part) that its components wouldn’t be required in future products, slicing 8 per cent of the firm’s revenue forecasts.
As reported by The Guardian, Michael Ruettgers, chairman of Wolfson said: “It was never the intention of the company to mislead the market and we are pleased that this has been taken into account by the FSA.
“On receiving the information about the loss of business, the company immediately sought advice and acted upon it. Upon discovering that the initial advice was incorrect, the company took prompt action and made the announcement.”