Ex-Zodiac Directors Accused of Insider Trading on Sales Data

Two former executive committee members at Zodiac Aerospace, which Safran SA bought last year, were accused of insider trading after selling shares when they were warned that profit was down at the aircraft-interior maker’s seats unit.

Gilles Debray and Christian Novella anticipated that Zodiac’s shares would fall when they learned about the division’s performance by end of January 2016 -- with operating profit down 62 million-euro ($70 million) for the first five months of its fiscal year.

The 20-year Zodiac employees both sold shares the following month, just ahead of a profit warning that caused the shares’ steepest decline in ...