WiseTech's Richard White faces Fair Work court action
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More news: WiseTech Global founder Richard White, his wife Zena Nasser and investment fund RealWise Management are facing legal action over breaches of Fair Work protections.
The court case, filed by Caroline Heidemann on 8 February, according to court filings, comes as WiseTech confirmed on Monday it had received two new confidential complaints relating to founder and former chief executive Richard White, after the company board cleared him of inappropriate conduct late last year.
WiseTech shares slump as new Richard White complaints emerge
More news: WiseTech shares trimmed more than 3% in early trading after the market's largest tech company confirmed it received two new complaints against founder and former CEO Richard White.
RBC Capital Markets analyst Garry Sherriff said that near-term sentiment on the stock "remains negative", though medium-term structural tailwinds are "solid".
Sheriff said that previously announced product release delays and management distractions are posing a risk in the short-term, and the vacant CEO role is "contributing to the uncertainty".
However, Sheriff noted that WiseTech "should be a net beneficiary" of new US tariffs, which are likely to spur demand for its logistics software platform CargoWise, particularly around customs and compliance.
WiseTech confirms fresh complaints against founder Richard White
The news: WiseTech Global has confirmed it has received two new confidential complaints relating to founder and former chief executive Richard White, after the company board cleared him of inappropriate conduct late last year.
The context: WiseTech said the two complaints, which were received from an employee and a supplier to the company, are being considered in an ongoing board review.
White stepped down as CEO in October after a personal scandal and accusations of inappropriate conduct. He and was retained on a 10-year consultancy contract and appointed as founder and founding CEO.
However, reports by the Financial Review and The Sydney Morning Herald this morning claimed that White has not signed the consultancy agreement.
In a response to the reports, WiseTech said "the full details of this engagement, either via a consultancy agreement with Mr White's company, or by amending the terms of his pre-existing employment contract, consistent with the announcement of 24 October, are still in the course of being agreed".
"In the meantime, both the company and Mr White have been operating broadly in accordance with what was announced," the company said.
The sources: ASX announcement, Sydney Morning Herald, Financial Review, RBC Capital Markets research, Federal Court of Australia filing
