Australia executes search warrant on WiseTech for documents, shares skid nearly 9%

Australia's competition regulator has seized documents from WiseTech Global in connection with investigations into the logistics software provider, according to a statement released on Wednesday (Aug 19). The search warrant pertains to supplies of global logistics services and software. Following the news, WiseTech's shares plummeted more than 12 percent to A$38.05, signaling a potential record one-day drop since late June.

The company affirmed its intention to fully cooperate with the investigation conducted by the Australian Competition and Consumer Commission (ACCC). The ACCC has not yet commented on the matter. Initially, the stock took a nosedive of nearly 20 percent on June 22 following reports of an investigation into WiseTech's executive chairman, Richard White, over allegations that he exploited a woman's immigration status for sex and provided false information during a visa application.

WiseTech denied these allegations, stating that they concerned White in his personal capacity and the company was unaware of any such investigation as reported in the media. White has since stepped down as CEO in October 2024 but retained the position of executive chair until recently amidst multiple controversies, including media scrutiny of his personal life.

The company's shares have lost nearly 70 percent of their value since allegations about White's personal life first emerged in late 2024, as reported by Reuters.