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SECA Investigates LeoVegas for Potential Insider Trading
The Swedish Economic Crime Authority (SECA) is investigating LeoVegas for potential insider trading. On Tuesday, SECA visited LeoVegas' headquarters in Stockholm. LeoVegas confirmed that SECA has commenced an inquiry into possible insider trading involving LeoVegas shares.
"The Swedish Economic Crime Authority contacted LeoVegas on June 7 in connection with a preliminary investigation into possible insider trading in the company's shares," the statement read, noting that "LeoVegas is fully cooperating with the authorities in their investigation." The company further indicated that no employee, management, or board member is currently under inquiry.
MGM Resorts proposed a $607 million purchase offer for LeoVegas on May 2, 2022. The share price of LeoVegas started to rise significantly before the public announcement of the offer, beginning on March 7. Per Norman, Chairman of LeoVegas, stated that LeoVegas is a natural candidate for acquisition due to its platform and brand. The announcement of the investigation had a minimal effect on LeoVegas shares, which traded slightly above SEK60 with a 0.15 percent loss.
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