STMicroelectronics (STM) said Thursday that its supervisory board has dismissed as "false" accusations about personal transactions made by two members of the company's managing board on the eve of earnings releases.
STMicroelectronics said these share sales were carried out by its stock plan administrator using an automatic procedure and were legal.
The European computer chipmaker was responding to statements made in the Italian press on Wednesday.
STMicroelectronics said its supervisory board has renewed its support for chief executive officer Jean-Marc Chery, chief financial officer Lorenzo Grandi, and the company's management team.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.