Investing.com-- WiseTech Global (ASX:WTC) shares surged on Thursday after Australia's corporate regulator concluded investigations into the logistics software maker's founder and its governance without taking enforcement action.
Sydney-listed shares of the company rose 5.2% to A$35.28 by 02:26 GMT.
The Australian Securities and Investments Commission (ASIC) issued no-action letters to founder Richard White and two other current employees, confirming it would not pursue enforcement action over an investigation into alleged trading in WiseTech shares, the company said in a Thursday announcement.
ASIC has also concluded a separate governance investigation that began in late 2024 and issued a no-action letter to WiseTech, confirming it did not intend to take enforcement action against the company.
However, the regulator's investigation into another individual who is not a WiseTech employee remains ongoing, the company said.
White stepped down as executive chair in July amid media scrutiny and allegations concerning his personal conduct, which he has denied. He had previously left the chief executive role in October 2024.
WiseTech develops software for the logistics, global trade and supply chain industries. Its CargoWise platform is used by logistics providers and freight forwarders worldwide.
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