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Nasdaq Stockholm orders The Marketing Group PLC to pay a fine corresponding to two annual fees


Stockholm, September 22, 2017 – The Disciplinary Committee of Nasdaq Stockholm has found that The Marketing Group PLC (“The Marketing Group” or “the Company”) has breached the regulations of Nasdaq First North (“the Rule Book”) in several respects and, accordingly, has imposed a fine on The Marketing Group amounting to  two annual fees, corresponding to an amount of SEK 595,546.

The Disciplinary Committee finds that The Marketing Group has breached the Rule Book on several occasions during 2016 and 2017.

From July 18-25, 2016, the Exchange noted a significant increase in the Company’s share price. Following two contacts with the Company, the latest on July 25, 2016, the Company informed the Exchange that there was no inside information within the Company that could explain the price fluctuation. However, later on July 25 at 6:08 p.m., The Marketing Group issued a press release announcing the completion of an acquisition that represented a watershed event for the Company because it had now entered the US market. The press release had a positive effect on the share price. Therefore, according to the Disciplinary Committee, the Company has not complied with its obligation to immediately inform the Exchange and the Certified Adviser about any circumstances that might necessitate a trading halt, and thereby breached Rule 4.7 (e) of the Rule Book.

During July and August in 2016, the Company’s executive Chairman, also a major shareholder, made several statements about the Company and its share price on Twitter. According to the Disciplinary Committee, the statements made by the Chairman were highly inappropriate and misleading for the stock market. The statements made on August 25, 2016 also affected the Company’s share price. The refusal by a listed company’s Chairman to comply with the requests of the Exchange and the Company’s Certified Advisers to stop making such Tweets is damaging to the public confidence in the Exchange, Nasdaq First North and the securities market in general. The Disciplinary Committee therefore finds that the Company has breached Rule 7.2.1 of the Rule Book, Appendix B.

On the morning of January 26, 2017, the Company decided to cancel three previously announced acquisitions, which constituted inside information and therefore required disclosure as soon as possible. The press release was issued at 7:00 a.m. on January 27 – 22 hours after the decision to cancel the acquisitions was made. Such a time period cannot be considered consistent with the duty to publicly disclose inside information “as soon as possible.” The Disciplinary Committee therefore finds that the Company has breached Rule 4.1 of the Rule Book.

Finally, in light of the above violations, the Disciplinary Committee finds that The Marketing Group’s organization and staffing for information disclosure has been inadequate and that the Company has therefore not complied with Rule 2.2.4 of the Rule Book. Considering the Company’s ongoing strengthening of its organization, the Disciplinary Committee has limited the fine to an amount 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 Carl-Johan Högbom, Company Director Jack Junel and Authorized Public Accountant Svante Forsberg.

About the Disciplinary Committee

The Nasdaq Stockholm’s Disciplinary Committee is responsible for reviewing whether Exchange Members or the listed companies have breached the applicable rules of 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. The Exchange investigates and pursues the matter, and the Disciplinary Committee assesses the case and makes decisions regarding possible sanctions. The sanctions imposed on a listed company include a warning, a fine or delisting. The fines levied range from one to 15 annual fees. The possible sanctions for Members are a warning, a fine or expulsion. The monetary penalties levied by the Committee are not included in the Exchange’s transactions, but support a foundation that carries out research on the securities market. The Disciplinary Committee’s Chairman and Deputy Chairman must be lawyers who have served as judges. At least two of the other members must be well-acquainted with conditions on 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.

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 approximately 3,900 total listings with a market value of approximately $12 trillion.

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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.

MEDIA CONTACT:David Augustsson+46 8 405 61

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