"The criminal suspicions concern stock sales made by people in senior positions shortly before the company announced a profit warning on September 14th 2017," wrote the Economic Crime Authority in a statement.
Two Cloetta employees were taken into police custody and had their homes searched on Tuesday afternoon. Computers, mobile phones and documents were secured in the raids and will be analyzed by experts.
On Wednesday morning the authority announced on Twitter that "the two Cloetta bosses who were detained yesterday have been released. Suspicions of insider trading remain, the investigation continues".
Cloetta said they would "cooperate fully with the Economic Crime Authority in the investigation".
De 2 chefer inom Cloetta-koncernen som anhölls igår har släppts. Misstankarna om insiderbrott kvarstår, förundersökning fortsätter #ekobrott— Ekobrottsmyndigheten (@Ekobrottsmyndig) October 11, 2017
Cloetta was founded in 1862 by three Swiss brothers in Copenhagen and expanded to Sweden ten years later, becoming the first company to produce chocolate on an industrial scale in Sweden.
It is the largest confectionery firm in the Nordics and is behind some of Sweden's most popular sweets, including Ahlgrens bilar, Plopp and Cloetta Kexchoklad.