U.K. Regulator Contacted WPP Over Martin Sorrell Probe

By Adam Clark

The U.K.'s Financial Conduct Authority has contacted advertising giant WPP PLC (WPP.LN) over the company's probe into an allegation of personal misconduct against recently departed founder and chief executive Martin Sorrell.

"It is the responsibility of a listed company to ensure that they identify potential inside information and take steps to disclose it appropriately to the market. The FCA routinely contacts firms or their advisers to clarify press commentary, announcements and events and did so in this case," an FCA spokesperson said Thursday.

The FCA didn't detail any further steps it may take, or what it sought to clarify in reference to WPP's disclosure.

Earlier this month, WPP said an independent counsel has been appointed to look into "an allegation of personal misconduct" after The Wall Street Journal reported on the probe.

"We had a call from them after The Wall Street Journal article and our first announcement to ask if we could share any further details. We advised that we had satisfied all of our disclosure obligations and there was no additional information we needed to share," a WPP spokesperson said Thursday.

"They were aware that we were ensuring we were discussing obligations with our legal advisers. They have not made any additional requests," the spokesperson said.

WPP has said Mr. Sorrell's departure is being treated as a retirement, and although it is looking into the potential misuse of company assets, the amounts in question weren't material. Mr. Sorrell has denied any financial impropriety.

Write to Adam Clark at [e-mail]; @AdamDowJones

(END) Dow Jones Newswires

April 20, 2018 04:29 ET (08:29 GMT)

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