Stockholm, May 2, 2012– The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that the company Transcom Worldwide S.A. (“Transcom”) has contravened the Exchange’s rules and regulations for issuers (3.1.1) in respect of its disclosure of information to the stock market.
The background is that an Italian court of law issued a verdict that was not in Transcom’s favor concerning a tax dispute in Italy, where the company is partly active. Transcom has appealed the verdict. Transcom did not disclose the court’s verdict, via a press release, until October 12, 2011.
The Disciplinary Committee’s ruling is that regardless of Transcom’s appeal, there was an obvious risk that a significant payment would have to be made to the Italian tax authority, whereby the company should have disclosed the matter shortly after receiving the court’s verdict on July 6, 2010.
Accordingly, the Disciplinary Committee is of the opinion that Transcom contravened its disclosure obligation in breach of paragraph 3.1.1 of the Exchange’s rules and regulations for issuers, which stipulate that a company is obliged to disclose information concerning price-sensitive decisions or other price-sensitive events as soon as possible.
The Disciplinary Committee has thus decided that Transcom shall pay a fine of three annual fees, corresponding to SEK 576,000.
A detailed description of the matter and the Disciplinary Committee’s ruling is published on:
About the Disciplinary Committee
The role of NASDAQ OMX Stockholm’s Disciplinary Committee is to consider suspicions regarding whether 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 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. Fines paid 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 emirita 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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