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.
For further information, please contact
Jonas Rodny, OMX +46 8 405 72 67
About the Disciplinary Committee | The role of OMX Nordic Exchange in
Stockholm's Disciplinary Committee is to consider suspicions regarding whether
Exchange Members, brokers or listed companies have breached the rules and
regulations applying on the Exchange. If the Exchange suspects that a member,
broker or listed company has acted in breach of the Exchange's rules and
regulations, the matter is reported to the Disciplinary Committee. The Exchange
investigates the suspicions and pursues the matter and the Disciplinary
Committee issues a ruling regarding possible sanctions. The sanctions possible
for listed companies are a warning, a fine or delisting. The fines that may be
imposed range from one to 15 annual fees. The sanctions possible for Exchange
Members are a warning, a fine or debarment, while brokers may be warned or have
their brokerage license rescinded. The Disciplinary Committee's Chairman and
Deputy Chairman must be lawyers with experience of serving as judges. At least
two of the other members of the Committee must have in-depth insight into the
workings of the securities market.
Members: Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice
Marianne Lundius (Deputy Chairman), Madeleine Leijonhufvud (professor), Stefan
Erneholm (company director) and Hans Mertzig (company director). Deputy Members:
Hans Edenhammar (MBA), Claes Beyer (lawyer), Jack Junel (company director),
Ragnar Boman (MBA) and Carl Johan Högbom (MBA).
About OMX | OMX is a leading expert in the exchange industry. The OMX Nordic
Exchange comprises over 800 companies including its alternative market First
North. OMX provides technology to over 60 exchanges, clearing organizations and
central securities depositories in over 50 countries. The Nordic Exchange is not
a legal entity but describes the common offering from OMX exchanges in Helsinki,
Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. OMX is a Nordic
Large Cap company in the Financials sector on the OMX Nordic Exchange. For more
information, please visit www.omxgroup.com.
