National Business Review (NBR) - Business, News, Arts, Media, Share Market & More

National Business Review (NBR) - Business, News, Arts, Media, Share Market & More: "The former chief executive and managing director of ICP Biotechnology Dr Earl Stevens has been cleared of insider trading by the Securities Commission. On 1 June 2007, the print edition of the NBR reported that a disgruntled shareholder in the company had requested a stock exchange enquiry into Dr Stevens. At issue was whether Dr Stevens sold a large parcel of shares before the company downgraded its forecast from an expected profit of $8 million to an expected loss of $6 million, and whether he did so knowing the true forecasts. On April 19, Dr Stevens and Tracey Joy Stevens declared their direct shareholding in ICP Bio had been reduced to 23.04 per cent from 39.79 per cent. In a disclosure notice filed to the NZX, Dr Stevens said the change in shareholding resulted from the sale of shares to Queenstown Unlimited."