Five Ubisoft executives fined $1.2 million US dollars
AMF follows up investigations of insider trading with a fine.
The Autorité des marchés financiers (AMF), an organisation that regulates and monitors the French stock market, has allegedly fined five Ubisoft executives a total of $1.2 million US dollars, according to Kotaku.
Last month we reported that accusations had been made against Ubisoft, but now it seems this has been taken a step further. The accusations were that the executives sold stock before October 2013, before the announcements that The Crew and Watch Dogs would be delayed, at which point they dropped.
Ubisoft have said that they will contest AMF's decision, however, as they insist they weren't in a position to know about the delays when the sales were made.
"Ubisoft acknowledges the AMF's decision, but continues to assert that the people involved acted in good faith," a Ubisoft spokesperson commented in a statement. "We are convinced that these team members did not intentionally commit any acts contrary to market regulations."
"Similarly, given the processes and timetables involved in the production of major games at our company and within our industry in general, we believe that at the time they carried out their transactions these employees could not have been aware of or anticipate the subsequent decision to postpone the game that would be taken by Yves Guillemot on October 11, 2013."
"Regrettably, the AMF's decision represents a serious misunderstanding of the game development and production process at our company and common to our industry. Each major game requires the involvement of multiple teams across the company, but ultimately only the company's CEO can make an exceptional decision such as changing a game's release date."