Ubisoft executives accused of insider trading

As if a possible hostile takeover bid from Vivendi wasn't enough, Ubisoft has stumbled into another scandal. Reports have emerged saying that the Autorite des Marches Financiers (AMF), which is France's stock market regulatory body, is accusing several Ubisoft CEOs, one of them being the CEO of Ubisoft Montreal, Yannis Mallat, of insider trading.

The case dates back to the delay of The Crew and Watch Dogs, which caused the stock value of the company to drastically fall by 32%; the largest drop since the company debuted on the Paris stock exchange in 1996.

According to reports, Mallat and several other executives sold their personal stock in the company the week before the announcement because they knew its value would decrease. That, according to the report, is violating French laws pertaining to insider trading.

Mallat has however said to La Presse that he had no inside knowledge. A Ubisoft spokesperson has said this in a statement regarding the matter:

"Those individuals vigorously dispute their implication in this matter and the AMF's interpretation of the facts. Yves Guillemot, co-founder and CEO of Ubisoft, does not question the good faith of the people involved and has reassured them that they have his full support and trust."