Stockholm, December 27, 2016 – The Disciplinary Committee of Nasdaq Stockholm has ordered CareDx, Inc. (“CareDx”) to pay a special fine of SEK 1,000,000 to Nasdaq for breaches of Nasdaq Stockholm’s Takeover Rules (the “Takeover Rules”).
On December 16, 2015, CareDx announced a public offer (the “Offer”) to shareholders of Allenex AB (“Allenex”). Up until June 8, 2016, the shares in Allenex were traded on Nasdaq Stockholm.
Prior to the announcement of the Offer, CareDx undertook to comply with the Takeover Rules in connection with both the announcement and implementation of the Offer. Accordingly, CareDx also undertook to adhere to the Securities Council’s interpretation and application of the Takeover Rules.
The Disciplinary Committee has found that CareDx has acted in breach of items I.4, II.1 and II.3 of the Takeover Rules. The breaches are attributable to irregularities in conjunction with the announcement of the Offer and irregularities regarding the necessary financing of and preparations for the Offer, which were previously noted by the Securities Council in its statement AMN 2016:06.
In the event of breaches of the Takeover Rules, the Disciplinary Committee can order the offerer, in this case CareDx, to pay a special fine. In light of the serious nature of the beaches as determined by the Disciplinary Committee, it has ruled that CareDx is to pay a special fine of SEK 1,000,000.
A detailed description of the matter and the Disciplinary Committee’s decision are available at:
Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Company Director Erik Einerth, Company Director Anders Oscarsson, Company Director Carl Johan Högbom and Lawyer Wilhelm Lüning.
About the Disciplinary Committee
The role of Nasdaq 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 the Exchange suspects that a member or a listed company has acted in breach of the rules and regulations, the matter is reported to the Disciplinary Committee. Nasdaq 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.
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