Shares of WiseTech Global surged 13.35% to $32.60 on Wednesday, bouncing off a multi-year low reached earlier this week after the logistics software company publicly denied awareness of any formal investigation into founder and executive chairman Richard White amid swirling allegations that had sent the stock into freefall.

A Brutal Stretch Before Wednesday’s Rebound

The scale of the rally only makes sense in the context of just how steep WiseTech’s recent decline had been. WiseTech Global shares have endured a brutal fall. The logistics software giant slumped 23% over the past five trading days, leaving the stock at a seven-year low of $28.76. That extended its losses to an eye-watering 73% over the past 12 months.

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