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Varta boss Hackstein sells shares after critical news
Confusion about insider trading at Varta: Boss's business confirmed. Experts express concerns. Gray area after share sale shortly after company announcement. Ethical questions raised.
Varta boss Hackstein sells shares after critical news
After the economic problems at Varta were made public, the news about the sale of a block of shares by Varta boss Markus Hackstein caused a stir. Experts view this step as sensitive because Hackstein took it shortly after the publication of the announcement that the current restructuring program was not sufficient. Although the sale is legally acceptable, experts view this critically because an insider conducts business so soon after receiving market-relevant information.
On April 11th at 8:35 p.m., the company published a mandatory announcement that the measures taken so far are not sufficient to secure profitable growth. Shortly thereafter, Hackstein sold shares he owned. This sale could be tracked because those in the know, such as board members, have to make their transactions public. In total, the sale amounted to around 24,670 euros. Experts are concerned about this process.
BaFin confirms that Hackstein sold two blocks of shares within just five minutes of the mandatory notification. These sales could be tracked in the trading book of the Frankfurt Stock Exchange. The timing of the sale, immediately after the publication of the mandatory announcement, raises questions and suggests that Hackstein had inside information.
Varta has confirmed the share sales and emphasized that they are legal. A company spokesman explained that this was a personal decision by Mr. Hackstein, which the company will not comment on. In view of past irregularities in insider trading at Varta, in particular a falsely reported insider purchase in 2023, experts are warning of a possible extension of trading blackout periods in order to prevent insider trading.