Agility Falls Most in Two Weeks After U.S. Judge Reverses Ruling
Agility (AGLTY) lost the most in two weeks after a federal judge said the Kuwaiti storage and transport company accused of overbilling the U.S. military was properly notified by prosecutors of the charges, reversing a previous ruling.
The shares tumbled 5 percent, the most since March 16, to 380 fils at the 12:30 p.m. close in Kuwait City, extending their decline this quarter to 27 percent. The benchmark Kuwait SE Price Index (KWSEIDX) has lost 9.5 percent this year.
U.S. Magistrate Alan Baverman in Atlanta said last year contact with the company was “insufficient” and he was considering dismissal of the criminal case. U.S. District Judge Thomas W. Thrash Jr. overruled Baverman yesterday.
To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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