WiseTech addresses allegations as shares fall 23%

• WiseTech clarified that media reports regarding an investigation into its executive chair concern a personal matter.
• The company's share price declined by 23.17% to close at $30.08 following the media commentary.
• The business stated it will maintain its continuous disclosure obligations to keep the market updated.

Logistics software provider WiseTech (ASX:WTC) responded to media commentary on June 22 after its share price fell 23.17%.

The sharp decline contrasted with previous weeks where the equity traded steadily around the $36.88 mark.

The company stated the personal investigation does not involve the business entity.

White denied any involvement with human trafficking, and the firm is unaware of any official investigation.

Following the announcement, the WiseTech share price was down at $30.08.

Earlier this year, the firm announced plans to cut 2,000 jobs over two years by implementing artificial intelligence.

The group continues to provide its flagship CargoWise software platform to the global supply chain and logistics sector.