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The Disciplinary Committee of NASDAQ OMX Stockholm AB ("the Exchange") has ruled that the listed company Diamyd Medical AB ("Diamyd") on four occasions has breached the Exchange's rules and regulations governing public information and the disclosure of information to the stock market. Accordingly, Diamyd has been ordered to pay a fine of three annual fees.
Diamyd has undertaken to comply with the Exchange's rules and regulations for issuers applying at any given time, both on the date on which the company's shares are admitted for trading and on a continuous basis after the listing has been approved. According to the Exchange's rules and regulations, a listed company must implement and uphold the requisite procedures and systems for disclosing information, including systems for financial reporting. The information disclosed must be accurate, relevant and clear and may not be misleading. Information that is price sensitive must be disclosed as soon as possible.
The Disciplinary Committee has considered whether Diamyd on four occasions during the past two years has violated the rules and regulations. On the first occasion, the company announced results of a study to an external party but failed to ensure that the information was treated confidentially by the recipient. On the second and third occasion, Diamyd's CEO made statements in interviews that may be regarded as new information and price sensitive, but the company failed to publish information to the market as specified by the rules and regulations. On the fourth occasion, Diamyd failed in its information to the market in connection to a CEO interview.
Ruling
The Disciplinary Committee has ruled that Diamyd breached the Exchange's regulations governing public information and the disclosure of information to the stock market (rules 3.1.1-3.1.3). The violation can, with regard to the share's high volatility and the lack of or incorrect information that are of importance to the business, not be considered less serious or excusable. Accordingly, the Disciplinary Committee has ruled that Diamyd must pay a fine of 576 000 Swedish kronor, corresponding to three annual fees.
The full ruling of the Disciplinary Committee can be downloaded at:
