STUTTGART, Germany -- German prosecutors have dropped an insider trading investigation into two DaimlerChrysler executives, the world's fifth-biggest carmaker said on Friday.
"The investigation did not turn up anything to go on," a company spokesman said, citing information from Stuttgart prosecutors. Prosecutors could not be reached for comment.
Chief corporate spokesman Hartmut Schick and management board member Ruediger Grube had denied any wrongdoing after media reports that their offices had been searched as part of the probe.
The investigation arose from sharp price movements in the carmaker's stock before the surprise announcement on July 28 of Chief Executive Juergen Schrempp's resignation, which will take effect at the end of the year.
The country's financial regulators had said they had concrete indications of improper deals in the firm's stock before the news of Schrempp's resignation, which sent the share price up more than 10 percent.