The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that the company Transcom Worldwide S.A. (“Transcom”) has contravened the Exchange’s rules and regulations for issuers (3.1.1) in respect of its disclosure of information to the stock market.
The background is that an Italian court of law issued a verdict that was not in Transcom’s favor concerning a tax dispute in Italy, where the company is partly active. Transcom has appealed the verdict. Transcom did not disclose the court’s verdict, via a press release, until October 12, 2011.
The Disciplinary Committee’s ruling is that regardless of Transcom’s appeal, there was an obvious risk that a significant payment would have to be made to the Italian tax authority, whereby the company should have disclosed the matter shortly after receiving the court’s verdict on July 6, 2010.
Accordingly, the Disciplinary Committee is of the opinion that Transcom contravened its disclosure obligation in breach of paragraph 3.1.1 of the Exchange’s rules and regulations for issuers, which stipulate that a company is obliged to disclose information concerning price-sensitive decisions or other price-sensitive events as soon as possible.
The Disciplinary Committee has thus decided that Transcom shall pay a fine of three annual fees, corresponding to SEK 576,000.
A detailed description of the matter and the Disciplinary Committee’s ruling is published on:
http://nasdaqomx.com/listingcenter/nordicmarket/surveillance/stockholm/disciplinarycommittee