WiseTech Global Ltd (ASX: WTC) shares are being heavily sold off on Monday after media reports about its founder, Richard White.
At the time of writing, the WiseTech share price is down a massive 12.83% to $32.15.
The ASX 200 tech stock fell as low as $31.65 in early trade, which puts it back around levels last seen in 2021.
It has been a very rough run for shareholders. WiseTech shares are now down more than 50% since the start of 2026 and around 70% lower than this time last year.
So, what has sparked the latest fall?
Image source: Getty Images
WiseTech caught in media storm
WiseTech is back in the headlines today after media reports that the Australian Federal Police (AFP) is investigating White over alleged sex and trafficking matters.
The allegations relate to a former cleaner at WiseTech. It has been claimed that White exploited the woman's immigration status and financial position and provided false information on a visa application.
White has reportedly declined to comment on the claims.
This is a serious development, and the timing is far from ideal. WiseTech has already spent much of the past year dealing with leadership, governance, and regulatory issues.
The company has not released a new ASX announcement on the matter at the time of writing.
Another hit after a difficult year
WiseTech is best known for its CargoWise software, which is used across the logistics and global trade industry.
Even with today's headlines, the business itself has continued to grow. Earlier this year, WiseTech posted first-half underlying net profit of $114.5 million and reaffirmed its full-year outlook.
It also announced plans to cut about 2,000 jobs over two years as it uses more artificial intelligence (AI) across the business.
However, the share price tells a very different story today.
White remains closely tied to WiseTech. The company's website lists him as co-founder, Executive Chair, and Chief Innovation Officer. It also notes that he was Chief Executive until October 2024, before being appointed Executive Chair in February 2025.
What should investors watch now?
The next thing to watch is whether WiseTech responds to the latest claims or gives shareholders more details.
Investors will also want to know whether the latest headlines affect the company's leadership or longer-term plans.
This isn't the first time regulatory scrutiny has weighed on the stock.
In October, the ABC reported that ASIC and the AFP had searched a WiseTech office as part of an investigation into alleged trading in WiseTech shares by White and 3 employees.
At the time, WiseTech said no charges had been laid, and there were no allegations against the company itself.
