October 13, 2017 / 4:03 PM / in a year

German watchdog pursues charges in Hugo Boss insider trading probe

FRANKFURT (Reuters) - German financial watchdog Bafin said it was pressing insider trading charges relating to a drop last year in the price of Hugo Boss (BOSSn.DE) shares, confirming a Der Spiegel report.

FILE PHOTO - The Hugo Boss logo is seen in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle

A spokeswoman for Bafin declined to name any suspect in the matter on Friday. Bafin’s decision means the Stuttgart public prosecutor’s office must now decide whether to launch an investigation based on the watchdog’s charges.

Bafin said in October of last year that it had launched a probe into possible insider trading after Hugo Boss’s stock dropped nearly 20 percent on Feb. 23, 2016, following a warning that its full-year profit would decline.

The Stuttgart prosecutor’s office said on Friday it was examining the charges brought by Bafin, but declined to provide further information.

Reporting by Hans Seidenstuecker and Maria Sheahan; Editing by Douglas Busvine and Alexander Smith

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