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The Disciplinary Committee of Nasdaq Stockholm has found that K2A Knaust & Andersson Fastigheter AB (“K2A” or “the Company”) has breached the rulebooks of Nasdaq First North and Nasdaq Stockholm and has therefore ordered the Company to pay a fine of two annual fees, corresponding to an amount of SEK 146,652.
On June 30, 2017, Samhällsbyggnadsbolaget i Norden AB (“SBB”) published a press release announcing that it had, through six transactions, sold building rights in Stockholm and Nyköping. At 6:00 a.m. on July 3, SBB published a press release announcing that SBB, HSB, K2A and Innovation Properties would be developing 1,500 new housing units in Västerhaninge. Two hours later, at 8:00 a.m., K2A published a press release stating that it had acquired building rights corresponding to about 350 housing units in Västerhaninge centrum from SBB. The press release included a reference to that the information was such that the Company was obliged to disclose pursuant to the EU Market Abuse Regulation.
K2A stated that the Company applied the principle of delayed disclosure of inside information, but that no documentation regarding such decision had been prepared.
The Disciplinary Committee has determined that the Company breached item 3.1 of Nasdaq Stockholm’s Rulebook by not publishing inside information as soon as possible or by not delaying disclosure of the information in the correct manner. In light of the Company’s improper management of the delayed disclosure of inside information, it has also been determined that the Company lacked the required organization and resources to meet the information disclosure requirements, as stated in item 2.2.4 of Nasdaq First North’s Rulebook. The Disciplinary Committee has noted that K2A has taken measures to address these shortcomings.
The Disciplinary Committee considers the breaches to be serious and orders K2A to pay a fine of two annual fees.
A detailed description of the matter and the Disciplinary Committee’s decision is available at:
Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Supreme Court Justice Ann-Christine Lindeblad, MBA Ragnar Boman, Company Director Anders Oscarsson and lawyer Patrik Marcelius.
