Le Canard enchaîné had indicated on February 2 that Yves Le Masne, the group’s managing director for more than ten years and recently sacked, had sold shares in July for nearly 600,000 euros “only three weeks after the management of Orpea has been informed of the forthcoming publication of Victor Castanet’s book “Les gravediggers”.
This book accuses Orpea of serious shortcomings in the management of its nursing homes, which the group refutes. In a press release from his lawyer, Mr. Le Masne “strongly refuted any accusation of insider trading”. The former leader assured that the sale of “about a third of (his) shares” had “nothing to do with Mr. Castanet’s book, which did not create any particular concern for us”. And he clarified that he had “no reason” to sell more shares, “having full confidence in the future of the company”.
“Mid-summer is when I typically sell shares, as evidenced by my previously released statements” and “I have always made my share sales within the permitted time periods and made all regulatory filings to authorities competent,” he also said.
In response to the publication of this book, the government announced that it would present proposals by the end of the month to prevent abuse in nursing homes, and that it was launching a “vast control operation” within the Orpea group. . The authorities have also announced the opening of an administrative “double investigation” into Orpea, entrusted to the general inspections of social affairs (Igas) and finance (IGF).