Vape maker Chill Brands on Monday said it has suspended chief executive Callum Sommerton after allegations were raised around the company's use of inside information.
The company has appointed law firm Fieldfisher to conduct an investigation into the allegations.
Sommerton said he was ‘surprised and disappointed’ by the allegations, which he termed as ‘without merit’.
“I am confident that I will be vindicated. I will avoid further comment at this time to allow the process to progress,” he said.
Chill Brands, which sells nicotine-free vape products in the UK and the US, assured vendors, customers and shareholders that the company continues to operate as normal.
It added that it will be engaging with relevant authorities, including the Financial Conduct Authority, and the investigation's findings will be reported in due course.
Sommerton, previously international brand director for the company, was appointed chief executive in April 2022.
The process of appointing an interim chief executive is underway.
