Former Vocus Group Limited chair Vaughan Bowen has been acquitted of insider trading charges following a nearly five-week trial in the Melbourne County Court.

A jury found Mr Bowen, of Brighton, Victoria, not guilty of two counts of insider trading relating to Mr Bowen’s disposal of more than 5.5 million Vocus shares on 4 June 2019.

ASIC had alleged that Mr Bowen sold the shares while in possession of inside information relating to the withdrawal of a takeover bid by EQT Infrastructure IV Fund, with the intention of avoiding a loss when the share price fell upon announcement of the news.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC referral.