In spite of a steep drop in share prices for World Online International and investors’ calls for her resignation, the company’s biggest shareholder continues to back Chairwoman Nina Brink.
The Sandoz Family Foundation, which owns 43 percent of World Online, initiated an inquiry that concluded Brink had done “nothing illegal or wrong, The Wall Street Journal Europe reports.
World Online’s shares fell almost 8 percent after Brink acknowledged she sold most of her stock in the company before its initial sale.
Brink apologized to investors for not disclosing that she had sold most of her stake in the company before it went public, Bloomberg News reports.
Intel Corporation, which owns 8 percent of World Online, did not comment on whether Brink should stay, the Journal says.