Former Funcom CEO Trond Aas is under investigation in Norway for possible insider trading relating to The Secret World.
The day before the MMO launched, Aas stepped down as Funcom CEO to become chief strategy officer, a move which allowed him to sell 650,000 Funcom shares without attracting much scrutiny.
As CEO, all of Aas’ purchases or sales of Funcom shares would have had to be announced to the Oslo Stock Exchange, but as strategy officer they would not.
According to an anonymous source, another shareholder discovered Aas’ sale and once that information was made public, Funcom’s share price dove.
On July 2, Funcom shares were worth US$17.60 (AU$16.70). Last Friday they were valued at US$2.17 (AU$2.06) each.
Aas has claimed that he redeemed and sold stock options a few times in the past and that the timing on this sale was simply fortuitous.
Having resigned as CEO, he knew nothing about the poor sales of The Secret World until a financial update on August 10, he added.