The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that CybAero AB (“CybAero”), whose shares are traded on First North, has contravened the disclosure obligation rules stipulated in the First North Nordic Rulebook (“the Rulebook”) and has ordered CybAero AB to pay a fine of 100 000 kronor corresponding to two annual fees.
The case concerns CybAero’s violation of items 2.2.4, 4.1.(a), 4.13 (a) and (d) of the Rulebook.
According to the investigation, one of CybAero’s business partners had been participating in a procurement process in which the US State Department was the counterparty. In the event of a successful outcome for its business partner, the procurement process would have been highly significant for CybAero. In a press release dated May 31, 2013, the US State Department announced that the procurement process had been cancelled.
According to the Disciplinary Committee, CybAero, which received the information concerning the cancelled procurement process during the weekend of June 1-2 and was thus obligated to inform the market about this, should have informed the Exchange or at least its CA (Certified Advisor) that the information could not be disclosed before trading commenced on June 3, 2013.
When in contact with the Exchange, CybAero provided ambiguous and misleading information regarding the timing of the publication of the relevant information.
The Disciplinary Committee has concluded that due to CybAero’s inadequate handling of the disclosure, the Exchange was not given an opportunity to consider suspending trading, and that the market did not receive the information until one hour after the Exchange’s initial contact with CybAero, which is unacceptable.
Consequently, there is no other conclusion than that CybAero violated the Rulebook’s disclosure obligation provisions. The violation is deemed neither negligible nor excusable. Accordingly, CybAero is to be subject to disciplinary sanction.
A more detailed description of the case and the Disciplinary Committee's decision is published on:
http://nasdaqomx.com/listingcenter/nordicmarket/surveillance/stockholm/disciplinarycommittee
Participating in the Committee’s decision were former Supreme Court Justice Johan Munck, Company Director Jack Junel, Company Director Carl Johan Högbom, Company Director Anders Oscarsson and Lawyer Wilhelm Lüning.