|
A lengthy probe by French regulators suggests "massive insider trading" took place at Airbus parent EADS, judicial officials say. Here is a timeline charting problems at European Aeronautic Defense & Space Co. NV: -- January 2004: Airbus officially overtakes Boeing as the world's largest commercial jet maker, announcing it delivered 305 airplanes in 2003 to Boeing's 281. -- April 27, 2005: On the day of its first test of the A380 superjumbo, Airbus announces a delay. Delivery to first customer Singapore Airlines is put back from March 2006 to the second half of the year. -- June 7, 2005: EADS board discusses A380 problems and possible delays. -- June 28, 2005: Noel Forgeard and Thomas Enders are named co-presidents of EADS. -- Nov. 9-29, 2005: EADS executives sell shares. -- March 8-24, 2006: EADS executives sell shares for 31-35 euros ($44-50). According to the French stock market regulator, executive committee members Francois Auque and Jean-Paul Gut, Forgeard and three of his children sold shares. According to an AMF statement, Forgeard exercised stock options for a total of 2.5 million euros ($3.54 million) before commission. -- April 4, 2006: EADS shareholders Lagardere SCA and DaimlerChrysler AG announce the forward sale of 7.5 percent of each of their stakeholding -- meaning the sale would take place in 2007 based on the 2006 share price. -- June 13, 2006: EADS cuts its profit forecast and announces delays to the A380. EADS shares fall 26 percent. -- June 16, 2006: AMF announces it has been investigating possible insider trading at EADS. Forgeard defends himself, saying he knew about production difficulties on the A380 in April, a month after he sold shares. -- July 2, 2006: Forgeard quits as head of EADS. -- Nov. 20, 2006: Paris prosecutors open an insider trading probe led by judges Philippe Courroye and Xaviere Simeoni. -- July 16, 2007: Shareholders at Airbus' parent company agree to end the cumbersome dual management structure, naming Louis Gallois as EADS' sole CEO. -- July 2007: Boeing unveils its hot-selling 787 Dreamliner. -- Oct. 3, 2007: The preliminary AMF report on around 20 EADS executives finds "massive insider trading" and is sent to Simeoni, judicial officials say.
|