Gyngell Under Investigation For Possible Shares Misconduct

Gyngell Under Investigation For Possible Shares Misconduct
SHARE
THIS



Channel Nine supremo David Gyngell has caught the eye of the Australian Securities Commission (ASIC) after he allegedly offloaded $1.5 million in Nine shares two weeks ago while the station subsequently copped an earnings downgrade yesterday.

Both Seven and Nine’s share price fell sharply when a report outlining free-to-air ad spend over the coming 12 months proved to be worse than expected.

Shares in Channel Nine plummeted 16.1 per cent following the release of the report and wiped $300 million from the value of the company.

It has been reported that Gyngell’s actions are under surveillance by ASIC and as yet there is no formal case against him. However, the Nine boss could be held in breach of corporate governance and disclosure issues.

A spokesperson for Nine sent a statement to News Corp stating that Mr Gyngell was unsure when he first learned of the earnings downgrade.

The statement, published in today’s The Australian, said: “If we had been aware of a downgrade any time prior to ­Friday afternoon we would have announced it at that time. That is the ASX disclosure obligation which we have at all times abided by. David Gyngell’s shares were sold following ­approval of the chairman, and in compliance with the company’s share-trading ­policy.”

A spokesman for ASIC said: “We do not comment on specifics and don’t comment on operational matters, including if we are looking at a particular matter, or not, but generally ASIC makes ­inquiries into disclosure issues and trading consistent with our usual practices around company announcements which result in ­significant market movements.”

Read the full article here.

Please login with linkedin to comment

Advertising Standards Bureau Failure Fast Ed Surveys the weekly

Latest News

Tinkerbell Is Putting Vegemite On Pizza
  • Marketing

Tinkerbell Is Putting Vegemite On Pizza

Over the years, VEGEMITE has been largely misunderstood across the globe, with Aussies often having to defend the spread and detail exactly “how to” best enjoy the stuff. But as it turns out, Australians have been getting it wrong this whole time! VEGEMITE and Thinkerbell ventured to food mecca New York to recruit Brooklyn Master […]

Subway Makes Return To High Seas With ‘Sink A Sub’ Battleship Game
  • Campaigns

Subway Makes Return To High Seas With ‘Sink A Sub’ Battleship Game

Subway has this week, officially launched its digital game Sink A Sub, with the first $10,000 prize already being awarded to a lucky recipient in Queensland. Subway’s Sink A Sub game is a user-friendly experience based on the infamous naval war board game Battleship. It was successfully launched for the first time in 2020 as […]

NITV Appoints Peter Noble To General Manager
  • Media

NITV Appoints Peter Noble To General Manager

National Indigenous Television (NITV) has announced the appointment of Peter Noble as general manager, to support the continued growth and evolution of the channel dedicated to First Nations voices and perspectives. Noble (pictured) a proud Girramay and Bandjin man, joins NITV with more than 20 years’ experience in the media industry, working across content disciplines […]

Queen Of Aussie Pop Culture Abbie Chatfield Signs Podcast Deal With LiSTNR
  • Media

Queen Of Aussie Pop Culture Abbie Chatfield Signs Podcast Deal With LiSTNR

Reality TV star, influencer and unabashed over-sharer Abbie Chatfield has signed with SCA to bring her hugely popular and fiercely candid podcast, It’s A Lot to Australia’s biggest audio content creator –  LiSTNR. Chatfield’s never been afraid to call out bad behaviour or tell it like it is. And that’s just what people love about […]

Sydney Headshots; Daniel Sommer Photography; Sydney Headshot Photographer; Daniel Sommer
  • Marketing

Cheetah Digital Announces Major CM Group Merger

CM Group, a portfolio of martech companies focused on multichannel digital marketing, today announced its merger with Cheetah Digital under the CM Group name. The merger expands and enhances both CM Group’s and Cheetah Digital’s ability to deliver innovative email, omnichannel, personalization, and loyalty solutions. The combined company will own a broad array of technologies […]

Smart Accelerates CTV Growth Ambitions Via Publica Partnership
  • Advertising
  • Technology

Smart Accelerates CTV Growth Ambitions Via Publica Partnership

Independent ad tech platform Smart has announced a new partnership with connected TV (CTV) ad platform Publica to accelerate its growth ambitions. The integration is a major step in Smart’s commitment to building a scaled, vertically-integrated TV advertising platform for media buyers and sellers following its recent acquisition of global premium CTV demand-side platform (DSP) […]

Edge Creates First Local Campaign For Nevro, “I Am Not My Pain”
  • Campaigns

Edge Creates First Local Campaign For Nevro, “I Am Not My Pain”

Independent creative agency Edge has launched Nevro’s first local campaign, “I am not my pain”. Nevro is a medical technology company offering innovative solutions to chronic pain. Their HFX therapy has been available in Australia since 2011 and is a form of spinal cord stimulation (SCS), where an electrical device is implanted surgically near the […]

IPG Unveils “Remarkable” 15% Q3 Growth
  • Advertising
  • Media

IPG Unveils “Remarkable” 15% Q3 Growth

With COVID behind it and no gigantic meteors on the horizon, Interpublic predicting healthy growth into 2022.

by B&T Magazine

B&T Magazine
Pinterest Announces New Tools, Features and Experiences For Users
  • Media

Pinterest Announces New Tools, Features and Experiences For Users

Pinterest has introduced a new suite of creator and Pinner products and experiences globally, as the platform continues to evolve to become home for the next generation of creators. At its second annual Pinterest Creators Festival, featuring Megan Thee Stallion and Storm Reid.  Pinterest creators Kerin Rose Gold, Wendy’s World, Henri Purnell, Carolina Gelen and […]