12th Nov 2014 11:35
LONDON (Alliance News) - Quindell PLC is understood to be on the brink of a formal probe by the City regulator over a share-selling controversy which has caused its shares to plunge in value in the past week, the Daily Mail reported on Wednesday.
The Financial Conduct Authority is set to investigate a series of announcements made by the company regarding a controversial deal done by three of its executives, the paper said, citing City sources.
Shares in the company are down more than 40% since Wednesday last week amid an increasing impatience amongst investors with the company inability to communicate with shareholders, the paper added.
The FCA declined to comment to Alliance News. The London Stock Exchange wasn't immediately available for comment.
http://www.thisismoney.co.uk/money/markets/article-2830754/Embattled-technology-firm-Quindell-close-probe-director-share-sales.html
By Sam Unsted; [email protected]; @SamUAtAlliance
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