WiseTech Shares Plummet as Australia Conducts Search Warrant Investigation

Australia's competition regulator has executed a search warrant on logistics software provider WiseTech Global for documents related to its supply of global logistics services and software. The company said it intends to fully cooperate with the investigation conducted by the Australian Competition and Consumer Commission (ACCC). Shares of WiseTech plummeted more than 12% after the news, reaching A$38.05.

This is not the first time WiseTech has faced scrutiny. In June, the stock plunged nearly 20% after reports that the Australian Federal Police were investigating its executive chairman, Richard White, over allegations that he exploited a woman's immigration status for sex and provided false information in a visa application.

White had denied the allegations, stating that he 'strenuously and unequivocally' denies recent media allegations. The stock has lost nearly 70% of its value since allegations about White's personal life first surfaced in late 2024.