Sonova Execs Resign Amid Insider Trading Probe

Law360 (March 30, 2011, 2:14 PM EDT) -- Major hearing aid manufacturer Sonova Holding AG said Wednesday that its CEO, chief financial officer and board chairman have stepped down after an internal investigation of trading by the company’s executives and officers in advance of a profit loss.

That investigation found no evidence of intentional insider trading on March 16 by directors and officers, but determined the Switzerland-based Sonova should have imposed an internal blackout period barring executives from trading in its stock in advance of the announcement, the company said in a statement.

The investigation, conducted by the law firm Homburger AG at the request of Sonova’s board of...

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