Steadfast says the corporate regulator has asked it to produce “certain documents and information” related to trading in the company’s shares by two employees. 

The Australian Securities and Investments Commission request concerns securities trading between August 30 and September 2 this year.

“Steadfast is reviewing the correspondence from ASIC and will respond in compliance with its legal obligations,” Steadfast said today in a statement to the Australian Securities Exchange.

“It is not certain whether ASIC will take any action as a result of its investigation, or what may be the scope of any such action.”

An ASIC spokesperson told insuranceNEWS.com.au the regulator does not comment on its investigations and cannot provide further details.

The trading period under examination is before Steadfast’s shares slumped due to ABC reporting on the strata sector that included a focus on the company.

An article was published on Monday September 9 before that night’s Four Corners program, which included parts of a pre-recorded interview with CEO Robert Kelly.

The company rejected allegations made in the program and said it had provided the ABC with information on August 29 and September 4 that was not included.

Steadfast shares declined from $6.35 at the close on Friday September 6 to $5.32 at the end of trading on Tuesday September 10. They finished yesterday at $5.80.

From Insurance News magazine: After a run of controversies and bad news stories, what next for the strata market?