.jpg)
The Disciplinary Committee of Nasdaq Stockholm has found that C-RAD AB (”C-RAD” or the “Company”) has breached the Nasdaq Stockholm Rulebook for Issuers (the “Rule book”) and has therefore ordered C-RAD to pay a fine of two annual fees, corresponding to an amount of SEK 410,000.
The Disciplinary Committee has found that the Company has breached item 3.1 in the Rule book by not disclosing inside information as soon possible. Based on the information presented to the Disciplinary Board, it is not possible to determine exactly when the inside information should have been disclosed. However, the Company should have published the information earlier than what was the actual case and earlier than what the Company has acknowledged, in order to fulfill the requirement for information to be disclosed as soon as possible.
The Disciplinary Committee has also found that the Company erroneously assumed that the disclosure, despite the fact that the press release was finalized, already on the evening on December 12, 2017, could postpone the publication until the next morning. In addition, the Disciplinary Committee believes that the time gap, eight hours from the opening of the insider list, for the Company to prepare the press release indicates that the Company at the time lacked adequate routines and information disclosure systems. The Company has also stated that it decided to delay the disclosure of the inside information, without stating any reason why an immediate disclosure was likely to prejudice the legitimate interests of the Company and without the preparation of the required documentation regarding such a decision. In the Disciplinary Committee's opinion, this indicates that the Company lacked insight into the meaning of central parts of MAR. Therefore, the Disciplinary Committee's assessment is that the Company, at the time of these events, did not have the capacity for providing information to the market in accordance with the Rulebook and that the Company therefore has breached item 2.4.3 in the Rulebook.
A detailed description of the matter and the Disciplinary Committee’s decision is available at:
https://www.nasdaq.com/solutions/decisions-sanctions-stockholm-2019
Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Supreme Court Justice Ann-Christine Lindeblad, M.B.A Ragnar Boman, Lawyer Patrik Marcelius and Company Director Anders Oscarsson.
