STMicroelectronics (STM) said Thursday that its supervisory board has dismissed as "false" accusations about personal transactions made by two members of the company's managing board on the eve of earnings releases.
STMicroelectronics said these share sales were carried out by its stock plan administrator using an automatic procedure and were legal.
The European computer chipmaker was responding to statements made in the Italian press on Wednesday.
STMicroelectronics said its supervisory board has renewed its support for chief executive officer Jean-Marc Chery, chief financial officer Lorenzo Grandi, and the company's management team.
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