WiseTech Global shares fell sharply after the Australian Competition and Consumer Commission (ACCC) executed a search warrant on the logistics software company as part of an investigation into potential breaches of competition law.
Shares in WiseTech dropped 10% to a 2-week low of $38.72 in less than 10 minutes following news of the regulator’s action.
The company told the ASX that the ACCC had executed a search warrant requiring the production of documents and electronic data relating to the supply of global logistics services and software.
ACCC investigation
The action forms part of an ACCC investigation into alleged contraventions of the Competition and Consumer Act 2010.
The company did not provide further details about the allegations or the specific areas of its operations being examined by the regulator.
“WiseTech intends to fully cooperate with the investigation,” the company said in its statement to the ASX.
The announcement prompted an immediate reaction from investors, with the sharp sell-off pushing WiseTech shares to their lowest level in around 2 weeks.