Mr Gilman Edwin Wong, the former Chief Executive Officer and Director of Sirtex Medical Limited, has been sentenced in the District Court of New South Wales having pleaded guilty to an offense of insider trading (19-168MR).
Appearing before His Honour Judge Bennett SC, Mr Wong, of Sydney, was sentenced to one year and six months’ imprisonment to be immediately released on recognisance of $10,000 to be of good behaviour for three years. By reason of his conviction, Mr Wong is also disqualified from managing corporations for a period of five years.
On 26 October 2016 while in possession of inside information concerning Sirtex’s sales, Mr Wong sold 74,968 Sirtex shares for an average price of $28.56 per share, totaling $2,141,086.08.
On 9 December 2016, Sirtex released a Trading Update on the ASX downgrading its growth forecasts for the 2017 financial year in light of sales figures in the year to date period. Following the announcement, the opening price of Sirtex shares fell to $13.01, a decrease of approximately 49% from the previous day’s closing price of $25.49. The value of the Sirtex shares had they been sold at the volume-weighted average price (VWAP) on 9 December 2016, would have been $1,120,412.80
The matter was prosecuted by the Commonwealth Director of Public Prosecutions
