press center press release

Nasdaq Stockholm orders CybAero to pay a fine corresponding to three annual fees

Published

Stockholm, July 13, 2017 — The Disciplinary Committee of Nasdaq Stockholm has found that CybAero AB (“CybAero” or “the Company”) has breached the Nasdaq First North Rule Book (“the Rule Book”) in several respects and, accordingly, has imposed a fine on CybAero amounting to three annual fees, corresponding to an amount of SEK 341,890.

The Disciplinary Committee has determined that CybAero did not fulfill its disclosure obligations on a number of occasions. For example, information issued by press releases on January 17 and June 2, 2014 about two orders from Chinese customs and AVIC, respectively, is regarded as directly misleading since the particular risks associated with the orders were not disclosed.

As a result of the Company’s breaches of the regulations, the Disciplinary Committee has also made the assessment that CybAero did not have the required organization or the required resources for information disclosure.

The Disciplinary Committee takes a very serious view of the breaches by the Company and finds that the market will have been damaged as a result of these. The Disciplinary Committee has thus decided that the sanction should be a fine corresponding to three annual fees.

A more detailed description of the case and the Disciplinary Committee’s ruling is published on:

http://www.nasdaqomx.com/listing/europe/surveillance/stockholm/disciplinarycommittee/decisions/

Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Supreme Court Justice Anne-Christine Lindeblad, Company Director Carl Johan Högbom, Company Director Jack Junel and Authorized Public Accountant Svante Forsberg.

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.

Members: Former Supreme Court Justice Marianne Lundius (Chairman), Supreme Court Justice Ann-Christine Lindeblad (Deputy Chairman), Company Director Erik Einerth, Company Director Stefan Erneholm, Company Director Anders Oscarsson, Lawyer Wilhelm Lüning, Company Director Jack Junel, MBA Ragnar Boman, MBA Carl Johan Högbom, Lawyer Patrik Marcelius and Authorized Public Accountant Magnus Svensson Henryson.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to 3,800 total listings with a market value of $11 trillion. To learn more, visit http://business.nasdaq.com.

Media Relations Contact
Erik Granström
+46 73 449 78 07
erik.granstrom@nasdaq.com

Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, Nasdaq Vilnius, Nasdaq Clearing and Nasdaq Broker Services are respectively brand names for the regulated markets of Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd., Nasdaq Iceland hf., Nasdaq Riga, AS, Nasdaq Stockholm AB, Nasdaq Tallinn AS, AB Nasdaq Vilnius, Nasdaq Clearing AB and Nasdaq Broker Services AB. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Baltic represents the common offering by Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius.

Cautionary Note Regarding Forward-Looking Statements

The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These factors include, but are not limited to factors detailed in Nasdaq's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.

In This Story

Nasdaq Press Center

Read the latest press releases, request a press kit, and get in touch with our press team.

learn more