French stock market regulator AMF has announced that it has levied a combined 1.27 million euro fine against five Ubisoft executives in the recently discovered insider trading case.
Last month the stock market regulator Autorité des marchés financiers, or AMF, stated that it suspected that Ubisoft Montreal CEO Yannis Mallat and four other Ubisoft executives were guilty of insider trading.
The five executives all sold stock in the week before October 15th 2013. In this week Ubisoft announced that it would delay the release of both Watch Dogs and The Crew.
As a result of the delay, the company's stock value dropped by 25%. The AMF suspects that the five executives sold their stock to make sure they were not affected by the drop in value.
According to the AMF the executives knew about the delay when they were selling their stock, violating French laws of insider trading, because Ubisoft's headquarters are based in Paris, France.
The stock market regulator has now announced that it has levied a combined 1.27 million euro fine against the five Ubisoft executives.
In response to the fine Ubisoft has reiterated previous statements, stating that it believes that the five executives are not guilty. The five executives will appeal the fine.