WiseTech Global’s shares tumbled 13% on Wednesday to A$37.68, marking the steepest one-day decline since June and extending losses tied to ongoing regulatory and governance concerns.
The Australian Competition and Consumer Commission executed a search warrant at WiseTech’s offices, seizing documents and electronic data as part of an investigation. The regulator did not disclose the subject of the probe, leaving unclear whether it relates to prior competition issues, a new inquiry, or broader scrutiny of conduct in the logistics software market. WiseTech said it would fully cooperate with authorities.
The development follows a January ruling by the ACCC that WiseTech held substantial market power in Australian logistics software and that its acquisition of Expedient—via the purchase of e2open—removed a key competitor to its CargoWise platform. The regulator required WiseTech to divest Expedient under a court-enforceable undertaking.
Governance concerns have intensified in recent months. Richard White, founder and former executive, returned to the company as executive chair in February after stepping down as CEO in October 2024. His tenure was marked by personal conduct allegations, including media reports in October 2024 that cited claims about his relationships and conduct. An independent review later cleared White of several allegations, though a subsequent review found that disclosures he made to the board regarding a personal relationship were inaccurate, incomplete, and misleading—findings White accepted.
White also faced separate scrutiny from the Australian Securities and Investments Commission and the Australian Federal Police over alleged trading in WiseTech shares, with no charges announced at the time. Media reports in June tied White to an AFP investigation involving allegations related to a woman’s immigration status and visa application, prompting his resignation as executive chair in July. Raelene Murphy was appointed independent chair the same month.
The S&P/ASX 200 index was little changed on Wednesday, reflecting broader market stability despite WiseTech’s sharp decline.
