A specialist pharmaceutical services company that confirmed it is at the centre of an allegation of potential insider trading of its shares saw its share price jump by 12% in the aftermath.
Dublin-listed Open Orphan confirmed it is helping gardai in respect of the investigation.
However, the company has said the allegations relate to a private individual in 2020, unconnected to the firm.
Today, in the wake of the investigation, the company’s share prices listed on its website soared by 12% to €9.92.
The allegation at the centre of the inquiry is that protected information was used in an attempt to make financial gain, all based on the fluctuating price of shares of the company.
The Garda investigation is being carried out by Garda National Economic Crime Bureau (GNECB), whose detectives had arrested a man on Tuesday.
Garda headquarters confirmed that the man had been arrested for the alleged offence of “insider trading” contrary to European Union (Market Abuse) Regulations 2016.
The suspect, aged in his 60s, was questioned at a Garda station in south Dublin and released without charge with a file to be sent to the Director of Public Prosecutions.
In a statement after the arrest, Open Orphan, which tests vaccines and antivirals using human challenge clinical trials, confirmed that no employee or anyone connected with the company had any involvement nor are they suspected of any wrongdoing.
The company, which provides services to Big Pharma, biotech and goverment/public health organisations, noted media reports that the incident involved an unconnected private individual.
"The board of Open Orphan is satisfied that there are no implications for the company in the resolution of this allegation and confirms that no employee, executive, director or anyone connected with the company had any involvement whatsoever in this matter nor are they suspected of any wrongdoing," the company said.
“The extensive investigation carried out by GNECB has progressed with the assistance of personnel attached to the Central Bank of Ireland and their expertise and experience has been invaluable,” gardai said in a statement.
This investigation is one of a number of ongoing investigations for Market Abuse at the Garda National Economic Crime Bureau.
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