Sydney, June 24, 2026, 04:03 (AEST)
WiseTech Global finished down 4.4% at A$28.76 on Tuesday, dropping for a second straight session. Shares have now fallen 22% over the last two sessions as news of an Australian Federal Police probe into executive chair Richard White kept pressure on the stock. The stock closed at its lowest point in about five years.
The stock opened up at A$30.69, bounced to A$31.65, then turned lower and closed at its session low. Trading was heavy, with around 6.26 million shares moving, almost three-and-a-half times the usual daily volume. Sellers stayed in after the stock’s 18.4% drop on Monday.
S&P/ASX 200 lost 0.3% to end at 8,787. Tech names slid too — Xero sank 5.3%, TechnologyOne gave up 7.1%, and NEXTDC was down 1.7%. WiseTech suffered a sharper two-day drop than the rest.
WiseTech said the probe is about White personally and there’s “no suggestion” WiseTech is under investigation. The company and White both said they weren’t aware of any such investigation. WiseTech also said White “emphatically and unequivocally denies any involvement in or with human trafficking.”
Reports claim White took advantage of a woman’s immigration status and gave false info for a visa application. Reuters said it could not independently confirm the details. The AFP said it would give a statement “at an appropriate time.” Reuters
HESTA CEO Debby Blakey said the new allegations were “deeply concerning” and the Australian pension fund will ask WiseTech for more details about White’s role. HESTA still has the company on its watchlist due to worries about leadership, board independence, and workplace culture. Investment Magazine
Investors are applying a governance discount here, knocking down the valuation due to board and leadership risk. White left the CEO spot in 2024 and moved to executive chair. After that, a review paid for by the company said some of White’s disclosures to the board about a personal relationship were inaccurate, incomplete or misleading.
WiseTech’s operating business kept growing. First-half revenue hit US$672 million, up 76%. Underlying net profit came in at US$114.5 million and free cash flow at US$153.6 million. The company stuck with its fiscal 2026 outlook: revenue between US$1.39 billion and US$1.44 billion, and EBITDA — earnings before interest, tax, depreciation and amortisation — between US$550 million and US$585 million.
But the risks for WiseTech go past the current allegations. WiseTech is in the middle of integrating e2open and a big AI overhaul that’s trimming about 2,000 jobs. The earlier dispute over White’s position pushed four directors to quit. Another hit to leadership could distract the team and hurt execution. But it’s also possible no formal action happens and WiseTech hits its financial targets.
Investors aren’t satisfied with just a denial so far. Wednesday’s open will tell if forced selling is slowing or if WiseTech’s governance discount keeps growing.
