The Disciplinary Committee of Nasdaq Stockholm has found that Northbaze Group AB (“Northbaze” or the “Company”) has breached the Nasdaq First North Growth Market Rulebook (the “Rulebook”) and has therefore ordered the Company to pay a fine of six annual fees, corresponding to an amount of SEK 600 000.
The Disciplinary Committee concludes that Northbaze has breached item 4.1 of the Rulebook in several respects, e.g. by having failed to include a reference to the EU Market Abuse Regulation in a disclosure of inside information, when publishing a correction in this regard also amend the material content in relation to the original press release and by not having made the two press releases in question available on the Company's website. The Disciplinary Committee also concludes that the Company's website has not been designed in such a way that inside information published by the Company could be located in an easily identifiable part of it.
The Disciplinary Committee further concludes that the Company has breached item 4.2.3 (b) in combination with items 4.2.1 and 4.1 of the Rulebook by not having published information about the resolutions adopted by the Annual General Meeting as soon as possible.
In summary, the Disciplinary Committee concludes that Northbaze has breached the Rulebook in various respects, and looks particularly serious at the violations of item 4.1 of the Rulebook since the Company's disclosures of information in this regard has been likely to mislead the market. The Disciplinary Committee thus decides that the sanction should be a fine corresponding to six annual fees.
The Disciplinary Committee’s decision is available at:
https://www.nasdaq.com/solutions/decisions-sanctions-stockholm-2020
