Sydney, June 25, 2026, 02:03 (AEST)
- WiseTech rebounded, finishing 14.3% higher at A$32.86. The stock had dropped 22% over the last two sessions.
- Company says the investigation is about Richard White personally and does not involve WiseTech.
- Analysts and some investor groups are raising concerns about founder risk and pushing for more transparency on succession plans.
WiseTech Global jumped 14.3% to finish at A$32.86 on Wednesday after trading as high as A$34.12. Volume was heavy with 6.95 million shares, way above the 65-day average of 1.87 million. Despite the rally, shares remained 10.9% under Friday’s close.
The bounce came after shares tumbled 18.4% on Monday, then slid again Tuesday to close at A$28.76. Selling picked up after media reports said the Australian Federal Police was looking into claims about White, a visa application, and alleged exploitation. Reuters could not confirm the reports. The AFP said it would comment “at an appropriate time.” No charges have been filed. Reuters
Xero jumped 8.9% as Australian tech stocks bounced. The ASX 200 added 0.24% to close at 8,808.4. WiseTech, though, led the day’s gains.
WiseTech said in a note to the ASX that the issue reported related to White personally, not the company. The company said it was not under investigation. WiseTech also said neither the company nor White knew about the supposed investigation. White “emphatically and unequivocally denies any involvement in or with human trafficking,” WiseTech said in the statement.
Morningstar’s Roy Van Keulen left his fair-value estimate unchanged at A$138. He said he doesn’t think the investigation will cost White his job. But if White is forced out, Van Keulen estimated shares could drop by 15%-20%. “White remains instrumental to the company’s continued success,” he said. Morningstar
Investor groups are still pressing the board. Rachel Waterhouse, CEO of the Australian Shareholders’ Association, wants a succession plan and an outside review. “We don’t see that there’s enough independent oversight across the organization,” she said. Louise Davidson from ACSI and Hesta’s Debby Blakey also said the board needs to give more detail on White’s position. BusinessMirror
WiseTech said after the Sydney close that ShipDNA is now certified to support over 5,000 users of its Pierbridge Transtream software in the US, Canada and Mexico. The company didn’t disclose a contract value.
Wednesday’s bounce doesn’t clear away the main risks. Any police action that shifts White’s position could trigger more selling. WiseTech’s AI push, laid out in February, targets about 2,000 job cuts and deeper cuts at e2open. Extra delays or thinner margins would pile on more pressure.
