Hexagon Shares Fall After CEO Charged With Insider Trading

Bad day for Hexagon as the stock’s shares took a hit on Thursday after chief executive Ola Rollen, was charged with insider trading.

The Swedish measurement technology and software firm became a technology blue chip company with the help of Rollen, who is one of Sweden’s most successful chief executives.

The company’s board, which includes Hexagon’s main owner Melker Schorling and the AP 1 Fund which is the company’s sixth largest owner, fully support Rollen who will continue to be CEO.

“It is without a doubt that Ola will continue as President and CEO during this period with the Board’s full support,” said Gun Nilsson. Nilsson will take over as Hexagon chairman in May.

“We are convinced that Ola Rollen has done the things he’s now charged with, and that we can prove it in court,” Senior Public Prosecutor Marianne Bender told Reuters.

Rollen has been charge with alleged insider trading in connection with an investment in Norwegian company Next Biometrics ASA in October 2015, a transaction that did not involve Hexagon.

The Swedish Shareholders Association has said to Reuters, “Ola Rollen should consider taking a time-out, because this affects confidence and it can affect the prospects to continue to develop Hexagon during the time when the legal process continues.”

Hexagon is one of Sweden’s biggest companies and has a market value of 13.5 billion.