Former long-serving prime minister Sir John Key has been named in a US insider trading case, which he says has "no merit".
Directors and managers at multibillion-dollar cybersecurity company Palo Alto, based in California, are being sued by shareholders.
1News has viewed documents filed in the US District Court in California, which named Sir John alongside 12 others.
It’s being reported shareholders allege directors and managers sold off a large number of shares, and made false and misleading statements about the company’s products.
Sir John gave 1News a statement on the case this evening.
"Along with the other directors of Palo Alto Networks I have been named in a series of copycat lawsuits brought by three shareholders based on unproven allegations against the company in relation to our second quarter earnings update," he said.
"Such lawsuits are not uncommon in the United States hence why this action has received very little media coverage offshore.
"In my view there is no merit to any of the claims.
"Palo Alto Networks has very strict share trading policies for its senior management and directors inline with SEC guidelines. At all times I have followed these rules.
"As this matter may well be before the courts I will not be making any further comments."
Court documents show the case was filed on April 19.
Court documents show the case was filed on April 19. (Source: 1News)
Sir John served as prime minister for three terms, from 2008 until his resignation in 2016.
The 62-year-old was appointed a Knight Companion of the New Zealand Order of Merit for his services to the state in 2017.
He worked in Singapore, London, and Sydney for American investment bankers Merrill Lynch for a number of years beginning in 1995.
In 2018, he became the chairman of ANZ Bank New Zealand. A role he retired from earlier this year.
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