Securities regulators in France believe there may have been "massive insider trading" activity at EADS, the parent of Airbus.

The findings from a probe by the Financial Markets Authority were forwarded to prosecutors in Paris. Officials said the report suggests insider trading by 21 top EADS executives during a period spanning from November 2005 to March 2006.

In a statement, EADS said it was "most surprised by the publication" of the probe, calling it an "unlawful violation." The French newspaper Le Figaro first reported the news, according to the Associated Press.

At the heart of the investigation is how much the EADS officials knew about technical problems with several of its aircraft before they sold shares of the company. In June of 2006, EADS announced a profit warning and problems with its jets, which sent its shares down 26 percent in one day.

The regulators also investigated the timing of sales by major EADS shareholders, including Lagardère and DaimlerChrysler, according to the report. In March 2006, both shareholders reduced their stakes, with a "forward sell." That means the sale would take place in 2007 at 2006 prices, suggesting that shareholders believed that EADS shares would fall.

The investigators also allegedly uncovered evidence that the co-C.E.O.'s of EADS at the time, Noel Forgeard and Thomas Enders, as well as several other high-ranking executives, knew about the problems.

Forgeard and his family exercised options in March 2006 at a profit of $3.2 million. He has denied wrongdoing, according to the report.

Le Figaro also said that the French government, which was a major shareholder in EADS at the time, was warned about the technical problems and advised by EADS insiders to reduce its stake.