Stockholm, July 11, 2013 – The Disciplinary Committee of NASDAQ OMX Stockholm AB ("the Exchange") has found that Oasmia AB ("Oasmia") has contravened the Exchange’s Rulebook for Issuers in the terms of disclosures and has therefore ordered Oasmia to pay a fine corresponding to four times the company’s annual fee to the Exchange.
The case concerns Oasmia’s violation of items 3.1.1, 3.1.5 and 3.2.1 in the Rulebook.
According to the Disciplinary Committee, in an interview in September 2012, Oasmia disclosed a number of facts of a price-sensitive nature without also simultaneously publishing the information pursuant to the Rulebook’s stipulations.
Oasmia also failed to inform the stock market about a cancelled partnership agreement in August 2011, which should have been disclosed immediately. Since the cancellation of the partnership agreement could have resulted in a reimbursement liability for Oasmia, the company’s annual report and 2010/2011 administration report, dated August 25, 2011, should have included information about the cancelled partnership agreement, and an explanation as to why the company’s executive management deemed it unnecessary to recognize a provision. The news was not published until the company issued its year-end report in June 2012, along with a provision.
According to the Disciplinary Committee, there is no reason to believe that the violation is related to anything other than inexperience, even if the violations, when combined, are considered relatively serious. Accordingly, Oasmia will 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, Supreme Court Justice Marianne Lundius, Company Director Jack Junel, Company Director Stefan Erneholm and Lawyer Wilhelm Lüning.
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.
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).
Christina Malmberg Hägerstrand
+ 46 8 405 6583