Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF) said it has appointed legal counsel and will engage with the regulatory authorities amid allegations raised around the use of insider information.
The company also said it had suspended CEO Callum Sommerton in connection with these allegations.
Chill Brands added: "This suspension does not constitute disciplinary action or a disciplinary penalty and does not imply any assumption that Mr Sommerton is guilty of any misconduct or that any decision has been made."
Investors were told the process of appointing an interim CEO is underway.