The Disciplinary Committee of Nasdaq Stockholm AB (the “Exchange”) has ruled that Fingerprint Cards AB (“Fingerprint”) has breached Nasdaq Stockholm’s Rule Book for Issuers (the “Rule Book”) and has therefore ordered Fingerprint to pay a fine of SEK 916,496, corresponding to two annual listing fees.
The Disciplinary Committee found that Fingerprint had breached item 3.1.5 of the Rule Book and the regulations issued by the Swedish Financial Supervisory Authority, FFFS 2007:17, with the procedure when publishing a revenue forecast on December 9, 2015. Furthermore, the company had also breached item 3.1.5 of the Rule Book through a statement to the media on the same day. Moreover, Fingerprint did not inform the Exchange prior to publication of the revenue forecast although the forecast must have been considered potentially significantly price sensitive. Finally, Fingerprint was considered not to have met its obligation regarding sufficient capacity for information disclosure in accordance to item 2.4.3 of the Rule Book.
The Disciplinary Committee concluded that Fingerprint did not act in compliance with the Rule Book in a number of situations during 2015 and 2016. Although the individual breaches to a certain extent could be considered to be excusable and entail an error committed by one of the company’s news distributors and were outside of the company’s control, the Disciplinary Committee considered the violations, together with statements of a previous CEO on Twitter and previous criticism from the Exchange with regard to the company’s earlier information disclosure, to not be minor or excusable and therefore found that the sanction should be a fine corresponding to two annual listing fees, or SEK 916,496.
A detailed description of the matter and the Disciplinary Committee’s decision are available at: http://www.nasdaqomx.com/listing/europe/surve...decisions/
Please see the attached documents for Swedish and English versions of the decision.
For further information about this exchange notice please contact Issuer Surveillance, telephone +46 8 405 60 00, or iss@nasdaq.com .
