Insider Info Allegations Lead Chill Brands to Suspend CEO

The UK-based vape maker Chill Brands said on Monday that Callum Sommerton had been suspended as its CEO after allegations were raised around the company’s use of inside information.

The company said law firm Fieldfisher had been appointed to investigate the allegations, but it added that Sommerton’s suspension did not imply that he was guilty of misconduct.

Chill Brands’ share price plunged as much as 31 percent in Monday morning trading after the announcement, according to media reports.

“This suspension does not constitute disciplinary action or a disciplinary penalty and does not imply any assumption that Mr Sommerton is guilty of any misconduct or that any decision has been made,” Chill Brands stated in a release.

The company added that it will engage with the Financial Conduct Authority over the investigation, and the findings will be reported “in due course.”