AMF France v. Parrot, M. Henri Seydoux and M. Gilles Labossière (insider trading and false information, 2024)

Judgment entered

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In July 2024 the Commission des sanctions fined the drone maker Parrot EUR 150,000, its chief executive EUR 60,000 and its deputy chief executive EUR 210,000. It found one misleading statement in a 2018 half-year report and insider dealing by the deputy before a planned takeover bid, and rejected the other charges.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

€420k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in EUR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The Commission des sanctions of the AMF, second section, decided the matter on 19 July 2024. The respondents are Parrot, listed on Euronext, its chairman and chief executive Henri Seydoux, who controls it through the holding company Horizon, and Gilles Labossière, its deputy chief executive until March 2019.

The notifications alleged that Parrot had failed to disclose promptly that it would miss its 2018 revenue and gross margin targets, announced on 15 March 2018, and had published false or misleading information in four press releases, its 2018 half-year report and its 2018 reference document about operating segments, an impairment and goodwill. They also alleged that Mr Labossière had used inside information about Horizon's planned public offer for Parrot shares to buy shares for himself and a relative.

The Commission held that the missed-target information was not inside information, so the disclosure charge failed, and it rejected the misleading-information charge for the press releases and the reference document. It upheld the charge for the half-year report of 1 August 2018, which stated that there were no indicators of impairment for the drones cash-generating unit and gave related goodwill and net-income figures, and held the breach attributable to Mr Seydoux and Mr Labossière. It held that Horizon's planned offer became inside information on the morning of 23 November 2018, until 27 November, and that Mr Labossière used it.

The Commission fined Parrot EUR 150,000, Mr Seydoux EUR 60,000 and Mr Labossière EUR 210,000, and ordered publication without anonymisation. The record's EUR 420,000 is the sum.

The record does not show how many shares Mr Labossière bought or his profit, whether anyone appealed, or any criminal case.

This library tags the matter as misleading issuer disclosure and insider trading. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the decision.

What technique is this, and how does it work?

This action is tagged with 2 techniques in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Misleading issuer disclosure — see how it works, what statute it engages, and every other action tagged the same way.
• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2024-07-19 Commission des sanctions decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• AMF decision page
• Decision (PDF, French)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 5, 2026. submit a correction.