The Disciplinary Committee of Nasdaq Stockholm AB (the “Exchange”) has ruled that Arcam AB (“Arcam”) has breached Nasdaq Stockholm’s Rule Book for Issuers (the “Rule Book”) and has therefore ordered Arcam to pay a fine of SEK 410,000, corresponding to two annual listing fees.
The Disciplinary Committee found that Arcam had breached item 3.1.2 of the Rule Book by not disclosing the order value in question when it announced an order in a press release on December 22, 2015, and thus did not provide sufficient information about the significance of this order to the company. Despite the fact that Arcam believed to be prevented from disclosing the order value with respect to the customer’s confidentiality requirement, it was impossible for the Disciplinary Committee to reach any other conclusion since the application of the Rule Book is mandatory.
Shortly after the press release on December 22, 2015, the CEO of Arcam said in an interview with a news agency on the same day that the order value was between SEK 4–7 million per system. Since this information was disclosed selectively, and not to the whole market at the same time on a non-discriminatory basis, the Disciplinary Committee found that Arcam also had breached item 3.1.5 of the Rule Book.
With reference to the fact that Nasdaq Stockholm AB had already criticized Arcam for having disclosed incomplete information regarding orders during 2013 and 2014, the Disciplinary Committee found that the sanction should be a fine. The fine was decided to two annual listing fees, or SEK 410,000.
A detailed description of the matter and the Disciplinary Committee’s decision are available at: http://www.nasdaqomx.com/listing/europe/surveillance/stockholm/disciplinarycommittee/decisions/
Please see the attached documents for Swedish and English versions of the decision.
For further information about this exchange notice please contact Issuer Surveillance, telephone +46 8 405 60 00, or iss@nasdaq.com.
