Overview
- DroneShield’s CEO Oleg Vornik, chair Peter James and director Jethro Marks sold nearly $70 million of stock, with Vornik disposing of his entire holding.
- The company’s 16-page response to an ASX query acknowledged $2.4 million of those sales happened after a market announcement wrongly described $7.6 million in US contracts as new orders.
- Shares plunged more than 30 to almost 40 percent following the disclosures, then fell about a further 20 percent after the sudden resignation of US chief executive Matt McCrann.
- The stock traded near $1.88 on Thursday, more than 70 percent below its October 9 peak of $6.60, reflecting heightened concern over governance and disclosure practices.
- DroneShield rejected suggestions the directors timed their trades or notified the company in advance, while investor frustration has intensified in the absence of detailed public comment from senior leadership.