WiseTech Shares Drop Amid Probe by Competition Regulator
By Stuart Condie
SYDNEY--WiseTech Global shares hit a two-week low after the Australian logistics-software provider said it was served a search warrant from the country's competition regulator.
Sydney-based WiseTech on Wednesday said that the warrant was executed as part of an investigation by the Australian Competition and Consumer Commission into alleged contraventions of consumer legislation.
WiseTech didn't give details about the allegations and said it would fully cooperate with the investigation.
The legislation cited by WiseTech covers issues including mergers, price fixing and misuse of market power.
"An ACCC search warrant was executed on the company requiring the production of documents and electronic data in relation to the supply of global logistics services and software," WiseTech said.
WiseTech shares, which had been up by about 0.8% immediately prior to the announcement, dropped as much as 13% following the market filing.
About 90 minutes later, they were down 9.5% at 39.22 Australian dollars, equivalent to US$27.80. They last closed below that level on Aug. 4.
WiseTech is scheduled to report its annual results on Aug. 26.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
August 18, 2026 23:54 ET (03:54 GMT)
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