Stockholm, October 4, 2018 – The Disciplinary Committee of Nasdaq Stockholm has found that Leading Edge Materials Corp. (“LEM” or “the Company”) has breached the Nasdaq First North Nordic Rulebook (the “Rulebook”) and therefore ordered LEM to pay a fine of two annual fees, corresponding to an amount of SEK 146,652.
The Disciplinary Committee has concluded that LEM breached item 4.4 (d) combined with item 4.4 (c) of the Rulebook by not publishing the Company’s quarterly report for the November 2017 – January 2018 period (“the Report”) within the prescribed time.
Moreover, the Disciplinary Committee finds that LEM breached item 4.1 of the Rulebook by making the Report available on the Company’s website and in the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) twelve hours before the information was published by way of a press release, and by issuing the press release in Canada two hours before it was issued in the EU. According to the Disciplinary Committee, the Company also breached item 4.1 of the Rulebook by not publishing the complete Report until April 9, 2018, despite being made available on the Company’s website and in SEDAR already on April 3, 2018.
The breaches committed by LEM, and the reason for those breaches primarily being shortcomings in the Company’s knowledge of the Rulebook, shows that the Company has not had an adequate competence for providing information to the market. Accordingly, item 2.2.4 of the Rulebook has been contravened.
Though positive that LEM has understood the severity of these breaches and taken extensive measures to correct the underlying shortcomings in the Company’s information disclosures, this cannot discharge the Company from liability. The Disciplinary Committee has thus decided that the sanction should be a fine corresponding to two annual fees.
A detailed description of the matter and the Disciplinary Committee’s decision is available at:
Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Supreme Court Justice Ann-Christine Lindeblad, Company Director Stefan Erneholm, Lawyer Patrik Marcelius and Company Director Anders Oscarsson.
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 company has acted in breach of the rules, the matter is referred 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, Authorized Public Accountant Magnus Svensson Henryson and Authorized Public Accountant Svante Forsberg.
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 100 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 4, 000 total listings with a market value of approximately $14 trillion. To learn more, visit: http://business.nasdaq.com.
Media Relations Contact
+46 73 449 78 07
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.
Nasdaq Press Center
Read the latest press releases, request a press kit, and get in touch with our press team.