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03 November 2023

Insider trading case involving Pushpay shares

Background:

The case, brought by the FMA centred around the resignation and sell-down of shares of former Pushpay co-founder and Director Eliot Crowther in June 2018. The FMA considered Mr Crowther’s intention in this regard to be material information, which, if generally available, would be likely to have a material effect on the price of Pushpay’s shares at the time. The FMA alleged that the individual knew of, and used, that information to advise or encourage others to trade in the lead up to Mr Crowther’s announcement. Mr Crowther’s trading was legitimate, and he was not party to the proceedings. 

Pushpay was not party to any FMA proceeding. Pushpay cooperated with the FMA during its inquiries. 

Timeline:

November 2023

The individual found guilty of insider conduct in relation to the sale of shares in Pushpay Holdings Limited has been sentenced to six months community detention and must pay a fine of $100,000.

 

August 2023

The individual was found guilty by a jury following a four-week trial at the High Court in Auckland.

 

February 2022 

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has filed proceedings against two individuals for alleged insider trading in relation to the sale of shares in Pushpay Holdings Limited (NZX:PPH)