Skip to main Content
Site Search

Advanced Search

  • Mondo Visione
  • Mondo Visione - Worldwide Exchange Intelligence
Member Login

Member Login

Forgotten your password?

SWX Swiss Exchange Sanctions Think Tools For Violation Of Provisions On Ad Hoc Publicity

Date 21/06/2002

The Disciplinary Commission of SWX has determined that, on 21 August 2001, Think Tools violated the provisions on ad hoc publicity as set forth in Article 72 of the Listing Rules. On the aforementioned day, Think Tools informed during official trading hours a select audience (media and analysts conference) about a matter it expressly designated as a "new strategy". Prior to 10:00 am, initial information on the new strategy then became available in the electronic media. The price of the company's shares on 21 August fell from CHF 20 to a closing value of CHF 16.90. Prior to the 21st of August, SWX advised Think Tools to provide the pertinent information to the public via a media release. Think Tools neglected to do so. If potentially price-relevant information is disseminated - and a new corporate strategy can be deemed to be of such nature - then the principle of equal treatment must be upheld. Owing to its fault in this matter, Think Tools has been penalised by the Disciplinary Commission through issuance a fine of CHF 50,000. (Fines issued by SWX are credited to the solidarity fund. The latter has the purpose of defraying financial losses that may arise from non-fulfilment of transactions executed by SWX participants.)