ASIC is examining the emails sent between David Jones chair Peter Mason and directors Leigh Clapham and Steve Vamos, who purchased shares in the retailer days before sales data was released.
The investigation could be especially worrying for Clapham, who is up for re-election at a November 22 board meeting.
David Jones, according to Fairfax, contacted the corporate regulator once the purchases became a matter of “press comment.”
Days before sales data was released which surprised on the upside, the two non-executive directors bought shares which then increased in value once the information was public.
Reportedly ASIC has also spoken to a number of DJs directors as part of its investigation. Earlier Mason had said he had given the two permission to buy the shares, and that they did not posses price-sensitive information at the time.