Helios Tech falls after placing CEO on leave pending investigation

Helios Technologies

09/07/2024 12:10

** Helios Technologies'  HLIO.N  shares down 10.7% on thin
premarket volume to $41.35, a five-month low, after board put
co's CEO on leave
    ** Engineered motion control and electronic controls
technology firm late Mon said placed CEO Josef Matosevic on paid
leave effective July 1 while it conducts investigation into
allegations of potential violation of co's code of business
conduct and ethics
    ** Sarasota, Fla-based firm appointed Sean Bagan as interim
president and CEO in addition to his CFO role
    ** Matosevic's alleged conduct is not related to, and does
not impact, co's strategy or financial reporting, Helios said
    ** Reacting to the news, KeyBanc downgraded HLIO to "sector
weight" from "overweight"
    ** HLIO shares, which had fallen past three sessions, are up
2% YTD through Mon. Stock was trading around $65 a year ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))