On February 26, Australia's corporate regulator announced that it had launched "preliminary inquiries" into WiseTech Global amidst a tumultuous week that included a significant executive shakeup and the unexpected appointment of founder Richard White as chairman.

Earlier in the week, four of WiseTech's non-executive directors resigned due to differing opinions regarding White's previous role as CEO. The company then appointed White as its executive chairman in a surprising announcement on Wednesday.

"We are conducting preliminary inquiries and will soon decide on ASIC's next steps," stated Joe Longo, chairman of the Australian Securities and Investment Commission (ASIC), in response to Reuters via email.

WiseTech Global did not immediately respond to Reuters' request for comment.

Founded by billionaire White, the logistics software maker has been facing challenges related to reports of misconduct, corporate governance issues, and a declining share price.

Since last October, when WiseTech disclosed that it was reviewing matters linked to White, its stock has dropped by approximately 14%.

Following the founder's reinstatement, shares rose by 2.1% to A$96.5 on Wednesday.