(Reuters) – STMicroelectronics’ supervisory board on Thursday denied allegations of insider trading concerning two member of its managing board.
The statement came a day after Italy’s economy minister Giancarlo Giorgetti accused STMicro’s management of having sold shares it held a day before reporting negative results.
“Stock sales done during company’s blackout period were made by company’s stock plan administrator, through an automatic procedure,” STMicro said in the statement.
(Reporting by Nathan Vifflin in Gdansk, editing by Milla Nissi)
