SYDNEY--WiseTech Global shares were on track for their highest finish in more than five weeks after the logistics-software provider said that Australia's securities regulator will not take action against its cofounder over his alleged share trading.
Sydney-based WiseTech, which services more than 20,000 logistics providers across 193 countries, said Thursday that the Australian Securities and Investments Commission had concluded an investigation into Richard White and two other current employees.
ASIC will take no enforcement action against White, who is the company's former chief executive and its current chief innovation officer, and the two employees, WiseTech said.
WiseTech added that ASIC also decided against taking action in a separate governance investigation opened in 2024 amid controversies surrounding White.
Shares in WiseTech were higher midway through Thursday's session, suggesting the announcement may remove a long-running overhang.
The stock was up 3.2% at 34.61 Australian dollars, equivalent to US$24.13. That would be its highest finish since Sept. 8, albeit still some 75% below its record close of A$138.93 in November 2024.
WiseTech, which previously said it was cooperating fully with the share-trade investigation, said ASIC is still investigating another individual, who is not an employee.
In October 2025, Australian federal police and ASIC executed a search warrant at WiseTech's Sydney office for documents related to White's alleged trading.
White stepped down as CEO in late 2024, following personal allegations published by Australian newspapers.
However, WiseTech's largest shareholder remained active at the company amid an internal review of his behavior and broader company governance, prompting the chair and three other directors to quit in protest.
White subsequently retook control as executive chair, retaining the role even after WiseTech issued a warning regarding his behavior.
After acknowledging that he should have reported some personal relationships to the board, WiseTech hired Zubin Appoo in 2025 and swiftly promoted him to CEO. At the same time, White became chief innovation officer.