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Nobel Biocare has contravened the listing agreement with the OMX Nordic Exchange Stockholm by not handling price-sensitive information correctly. The exchange’s Disciplinary Committee has ordered Nobel Biocare to pay a fine of SEK 768,000.
The shares in Nobel Biocare Holding AG are listed on the OMX Nordic Exchange Stockholm. According to the listing agreement, price sensitive information published by listed companies must be accurate, relevant and reliable.
On June 25th, 2007, the Medical Products Agency published a press release stating that the usage instructions for the implants NobelDirect and NobelPerfect needed to be complemented and clarified. Furthermore, the agency informed that Nobel Biocare was not allowed to actively market their dental implants until Nobel Biocare had pursued certain information activities. At the same day, Nobel Biocare published a press release with the heading “Swedish Medical Products Agency reconfirms safety and efficiency of NobelDirect and NobelPerfect one-piece implants”. Furthermore, Nobel Biocare stated in the press release that Nobel Biocare “welcomes the renewed confirmation of market clearance without constraints by the MPA for NobelDirect and NobelPerfect one-piece implants” and that the Medical Products Agency had reiterated “the market clearance for both products”.
The Disciplinary Committee has established that the description in the press release does not reflect the information given by the Medical Products Agency in their press release. The Agency has neither confirmed the safety nor the efficiency of the implants nor issued any decision about sales without constraints or market clearance. On the contrary, it is clear from the Agency’s press release that the implants could not be marketed. The information in the press release from Nobel Biocare has thereby not fulfilled the listing agreement’s demands on published information to be accurate and reliable.
The exchange has previously, in a letter to Nobel Biocare dated March 28th 2007, criticized the company for disclosing incorrect information in a press release dated March 27th, 2006 about the Agency’s handling of the case. According to the Disciplinary Committee the fact that the company has published incorrect information again makes it, among other things, necessary to fine the company this time.
The Disciplinary Committee has fined Nobel Biocare four annual fees, corresponding to SEK 768,000.
