Shareholder activist and Summit Financial Partners director David Woollam has been cleared of insider trading by the Financial Services Board (FSB).
Lewis furniture store said Woollam was trying to drive down the share price to support his short-trading position in the company stock.
In June, Woollam started a process to have four directors of Lewis declared delinquent after the company was found to have forced people to buy employment insurance even though they were already unemployed.
Woollam says Lewis made these claims to avoid providing answers and explanations on the issues he had raised.
The complaint they submitted to the FSB was a complete fiction. It was just a conspiracy theory. I cooperated with FSB and showed them there was no absolutely no base for the claims. Thankfully the FSB has now publicly stated that.— David Woollam, Shareholder activist and Summit Financial Partners director
Stephen Grootes asked Woollam about claims in Business Day where Lewis said the FSB is still investigating him.
Woollam says Lewis is lying.
I spoke to the FSB myself last night. They confirmed that there was only one investigation. They also appointed to the media release yesterday in which they list all ongoing investigations and they pointed out that there is no reference to Lewis being an ongoing investigation.— David Woollam, Shareholder activist and Summit Financial Partners director
Listen to the audio below for more information...