Germany: BaFin Deepens Insider Trading Investigation Related to Premiere AG Securities

BaFin, Germany’s financial services regulator, anounced today that it has deepened its investigation into possible insider trading in shares of Premiere AG. The WSJ reports that the BaFin investigation relates to an October 2, 2008 press release from Premiere AG release in which it announced that it expected a 2008 operating loss and restated its subscriber base by almost 1 million customers. The company’s stock price dropped 50% the next day.

A BaFin spokesman stated that a routine investigation showed signs of insider trading or market manipulation requiring deeper inquiry.

Read the WSJ article