The Disciplinary Committee of Nasdaq Stockholm (the “Exchange”) has found that Rolling Optics Holding AB (the “Company”) has breached the rules of Nasdaq First North Growth Market (the “Rulebook”) and therefore ordered the Company to pay a fine of three annual fees, corresponding to an amount of SEK 375,000.
On May 20, 2024, the Company announced the outcome of an arbitration between the Company and a former business partner. The dispute concerned two agreements between the parties that the Company terminated in April 2023. The arbitration award was issued on May 16, 2024. The Company assessed that it needed time to fully understand the significance of the award for the Company and what information should be disclosed to the market. The Company decided to delay its disclosure of the inside information and called a board meeting to address the issue, which was held on the evening of May 19, 2024.
The Disciplinary Committee understands the Company's assessment, but argues that the analysis of the arbitration award could not have required a formal board meeting to be called and held. Even less so, there were no grounds to delay the disclosure of information until the morning after the board meeting. Against this background, the Disciplinary Committee's assessment is that the Company's decision to postpone the announcement of the relevant insider information was not in accordance with Article 17.4 of the EU Market Abuse Regulation, and the information was therefore not disclosed in a timely manner. The Company has thus violated point 4.1.1 of the Rulebook. The Disciplinary Committee considers the violation to be serious and therefore imposes a fine equivalent to three annual fees.
The Disciplinary Committee’s decision is available at:
https://www.nasdaq.com/market-regulation/nordic/stockholm/disciplinary/decisions-sanctions
