The Disciplinary Committee of Nasdaq Stockholm has found that Arcam AB publ. (“Arcam”) has breached Nasdaq Stockholm’s regulations (“the Rule Book”) and, accordingly, has imposed a fine on Arcam amounting to two annual fees, corresponding to an amount of SEK 410,000.
The Disciplinary Committee found that Arcam has contravened item 3.1.2 of the Rule Book by not disclosing the order value in question when it announced an order in a press release dated December 22, 2015, and thus did not provide sufficient information about the significance of this order to the company. Despite the fact that Arcam believed it was hindered from disclosing the order value with respect to the customer’s confidentiality requirement, it was not possible for the Disciplinary Committee to come to any other conclusion since application of the Rule Book is mandatory.
Shortly after the announcement, the President of Arcam said in an interview with a news agency on the same day that the order was valued between SEK 4-7 m. Since the information was disclosed selectively to a specific news service, the Disciplinary Committee finds that Arcam also breached item 3.1.5 of the Rule Book.
Because Nasdaq Stockholm had already criticized Arcam for having disclosed incomplete information, the Disciplinary Committee finds that the sanction should be a fine corresponding to two annual fees, or SEK 410,000.
A more detailed description of the case and the Disciplinary Committee’s ruling is published on:
http://www.nasdaqomx.com/listing/europe/surveillance/stockholm/disciplinarycommittee/decisions/
Participating in the Committee’s decision were Supreme Court Justice Anne-Christine Lindeblad, MBA Ragnar Boman, Lawyer Wilhelm Lüning, Company Director Carl-Johan Högbom and former Authorized Public Accountant Bo Magnusson.
