Information relating to the content of Höganäs AB's report on the first quarter of 2003 was available on the company's website on April 14, 2003, prior to the publication of information in the manner prescribed in the company's listing agreement with Stockholmsbörsen. Information was disclosed as a result of Reuters being able to proceed by conjecture to the hidden address under which the information had been stored for later publication on the website. This was made possible as a result of the hidden address being so similar to the address used for corresponding information on earlier occasions and which was thus commonly known. As a result, Reuters was able to disseminate the information prior to its publication by the company in the correct manner.
The Disciplinary Committee referred to other similar instances that it had examined earlier this year and discovered that Höganäs had breached the listing agreement by not taking adequate steps to ensure that the information contained in the company's quarterly report did not leak out in advance. However, the Disciplinary Committee considered that in part the unintentional disclosure was related to the company's desire - in accordance with the guidelines issued by Stockholmsbörsen - to make such information available on the website as quickly as possible following its publication in the prescribed manner. Given this background, the Disciplinary Committee considered that the infringement was excusable and issued the company a warning.
