WiseTech's shares fell 11% after Australian police probed co-founder Richard White over sex exploitation claims; WiseTech shares are down ~67% in the past year
Federal police are investigating billionaire businessman Richard White over claims he exploited a woman's immigration status …
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WiseTech Shares Crater as Police Probe Co-Founder Over Exploitation Claims
WiseTech stock dropped 11% after Australian federal police opened an investigation into co-founder Richard White.
WiseTech Global took another brutal hit as shares plunged 11% following news that Australian Federal Police are investigating co-founder Richard White. The probe centers on allegations that White exploited a woman's immigration status.
The logistics software giant's stock has now shed roughly 67% over the past year, a staggering decline for what was once one of Australia's most celebrated tech companies.
White, a billionaire who built WiseTech into a global supply chain software powerhouse, now faces serious legal scrutiny over sexual exploitation claims. The investigation adds yet another layer of turmoil to a company already reeling from sustained investor selloffs.
For shareholders, the math is grim. A stock that once commanded premium valuations has lost two-thirds of its value in twelve months, with no clear bottom in sight as legal proceedings unfold.