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Guest Josh

Illegal DCX stock sales suspected

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Guest Josh
German regulators have opened an inquiry into possible insider-trading violations by people aware that DaimlerChrysler AG was preparing to announce CEO Juergen Schrempp's departure, the latest in a series of probes into the German automaker's activities.

Separately, the U.S. Justice Department and the Securities and Exchange Commission are investigating unrelated allegations that company executives bribed foreign officials.

On Wednesday, German regulators said they had grounds to suspect illegal trading activity in DaimlerChrysler shares, spurred by anticipation that the unexpected July 28 disclosure of Schrempp's departure would trigger a stock rally.

The share price rose sharply before the company's mid-morning announcement that Schrempp would leave at the end of the year, well ahead of the expiration of his contract in 2008. The stock closed up more than 10 percent that day and recorded its biggest-ever intraday gain.


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