SHAREHOLDER activist Dave Woollam has been cleared by the Financial Services Board (FSB) of allegations of insider trading in shares in Lewis, SA’s largest furniture retailer.The FSB said on Wednesday it had closed its investigation into Woollam’s trading in Lewis shares and found no evidence of insider trading by Woollam.The FSB’s investigation was launched in March following a complaint by the Lewis board that Woollam had been deliberately trying to drive down the share price to support his short-trading position in Lewis stock.The FSB investigation was regarded as a critical sideshow in the continuing and precedent-setting legal battle between Woollam and the Lewis board.Woollam is also a partner in Summit Financial Partners, which is campaigning to clean up unsecured lending practices.In early June, Woollam served a Section 165 notice on the Lewis board requiring it to take legal action against four directors.If the four directors were found to have been delinquent, as charged b...
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