Stockholm, September 18, 2013 - 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 considersuspending 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:
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.
About the Disciplinary Committee
The role of NASDAQ OMX Stockholm’s Disciplinary Committee is to examine cases where Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If NASDAQ OMX Stockholm suspects that a member or a listed company has acted in breach of NASDAQ OMX Stockholm’s rules and regulations, the matter is reported to the Disciplinary Committee. NASDAQ OMX Stockholm investigates and pursues the case and the Disciplinary Committee assesses the case and 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 include a warning, a fine or debarment. The fines imposed by the Committee are not included in the Exchange’s business but are attributed to a foundation supporting research in the securities market. 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: Former Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Professor Emerita Madeleine Leijonhufvud, Company Director Stefan Erneholm and Company Director Anders Oscarsson. Deputies: Former Authorized Public Accountant Bo Magnusson, Lawyer Wilhelm Lüning, Company Director Jack Junel, Ragnar Boman (MBA) and Carl Johan Högbom (MBA).
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