WiseTech shares gain after CEO Richard White settles court battle
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The news: Shares in WiseTech lifted on the ASX after the tech group's co-founder and CEO Richard White and wellness entrepreneur Linda Rogan settled their legal battle in the Federal Court today.
The numbers: WiseTech shares rose by around 2.5% after the news, clawing back earlier losses of around 2.9%.
Rogan’s lawsuit against White centred on a bankruptcy notice over a $90,000 furniture bill. Within the court battle, Rogan alleged White expected her to enter into a sexual relationship with him in exchange for investment in her business.
On Monday, the stock plunged 14.56% after a spate of further allegations against White surfaced, triggering the sell-off.
The context: Rogan filed a notice of discontinuance late on Monday and the matter is now closed on the Federal Court file. The case had been scheduled for a one-day hearing in February, but Rogan filed her notice on Monday, finalising the case.
