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The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Morphic Technologies AB (“Morphic”) breached the Exchange's rules and regulations governing public information, the disclosure of information to the stock market and the Board of Directors and management. Accordingly, Morphic has been ordered to pay a fine of 1 920 000 Swedish kronor.
Morphic has undertaken to comply with the Exchange's rules and regulations for issuers applying at any given time, both on the date on which the company's shares are admitted for trading and on a continuous basis after the listing has been approved. According to the Exchange's rules and regulations, the Board of Directors and management shall have sufficient competence to control and manage a listed company and to continuously fulfill the obligations of such a company. Moreover, a listed company must implement and uphold the requisite procedures and systems for disclosing information, including systems for financial reporting. According to the Exchange's rules and regulations, the information disclosed must also be accurate, relevant and clear and may not be misleading. Information must also be disclosed as soon as possible.
The Disciplinary Committee has ruled that Morphic breached the Exchange's regulations governing the actions of the Board of Directors and management, public information and the disclosure of information to the stock market. Accordingly, the Disciplinary Committee has ruled that Morphic must pay a fine of 1 920 000 Swedish kronor, corresponding to ten annual fees.
