Sonova

Sonova, the world's largest hearing-aid maker, said Chief Executive Valentin Chapero and Chief Financial Officer Oliver Walker have resigned, while Chairman Andy Rihs will step down but remain on the company's board.

Sonova Executives Resign After Insider Trading Case Goran Mijuk 2011

According to data from the Swiss stock exchange, eight days before the profit warning on Match 16, a non-executive member sold shares worth nearly 40 million francs $ million, triggering speculation that the chairman, who holds around 10% of Sonova's stock, had sold part of his holding.

Sonova Executives Resign After Insider Trading Case Goran Mijuk 2011

Sonova said Valentin Chapero and Oliver Walker have resigned as chief executive and chief financial officer, respectively.

Tokyo Shares Rally, Rising 2.6% Shri Navaratnam 2011

ZURICH—The top executives of Sonova Holding AG will step down with immediate effect after an independent investigation found the Swiss hearing-aid maker was late in issuing a profit warning, allowing insiders to sell shares.

Sonova Executives Resign After Insider Trading Case Goran Mijuk 2011

Although Mr. Chapero, the former CEO, recently said that no new cases have been registered since the recall and the company isn't facing lawsuits due to the problem, Sonova launched a revamp at the firm that is being scrutinized by the U.S. Food and Drug Administration.

Sonova Executives Resign After Insider Trading Case Goran Mijuk 2011

Sonova has appointed Alexander Zschokk e as interim CEO and Paul Thompson as interim CFO.

Sonova Executives Resign After Insider Trading Case Goran Mijuk 2011

Sonova, the world's largest hearing-aid maker in terms of sales, on March 16 cut its profit and sales outlook for the fiscal year, saying earnings will be hurt by a recall and a product launch delay in the U.S., as well as the strong Swiss franc.

Sonova Executives Resign After Insider Trading Case Goran Mijuk 2011

The independent investigation, which was conducted by the law firm Homburger, found weaknesses in the company's internal processes, and highlighted that Sonova's top managers failed to issue a timely black-out period for trading in Sonova shares and options in the run-up to the company's profit warning.

Sonova Executives Resign After Insider Trading Case Goran Mijuk 2011

Sonova said it has appointed a task force to address the problems.

Sonova Executives Resign After Insider Trading Case Goran Mijuk 2011

In ZURICH , shares of Swiss hearing-aid manufacturer Sonova Holding dropped 12%.

Tokyo Shares Rally, Rising 2.6% Shri Navaratnam 2011