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Nasdaq Stockholm Decisions & Sanctions
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2026

2026:01 DUG Foodtech AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has dismissed a disciplinary case concerning DUG Foodtech AB (publ).

2026:02 Arctic Paper S.A.

The Disciplinary Committee of Nasdaq Stockholm has found that Arctic Paper S.A. has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of three annual fees.

2026:03 Neovici Holding AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Neovici Holding AB (publ) has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of five annual fees.

2026:04 Intellego Technologies AB

The Disciplinary Committee of Nasdaq Stockholm has found that Intellego Technologies AB has breached the Nasdaq First North Growth Market Rulebook and therefore decided that the shares in Intellego Technologies AB shall be delisted from Nasdaq First North Growth Market.

2026:05 Greater Than AB

The Disciplinary Committee of Nasdaq Stockholm has found that Greater Than AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of two annual fees.

2026:06 Greater Than AB

The Disciplinary Committee of Nasdaq Stockholm has found that Greater Than AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of five annual fees.

2026:07 Taptravel Nordic AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Taptravel Nordic AB (publ) has breached the Nasdaq Stockholm Rulebook for Issuers of Fixed Income Instruments and therefore ordered the company to pay a fine of SEK 2,500,000.

2026:08 Dicot Pharma AB

The Disciplinary Committee of Nasdaq Stockholm has found that Dicot Pharma AB (“the Company”) has not breached the rules of Nasdaq Stockholm (“the Rule Book”) and has therefore not imposed a sanction on the Company.

2026:09 TriCarbs BidCo AB

The Disciplinary Committee of Nasdaq Stockholm AB has found that TriCarbs BidCo AB has breached the Takeover Rules for Nasdaq Stockholm and therefore ordered the company to pay a fine of SEK 100,000,000.

2026:10 Magle Chemoswed Holding AB

The Disciplinary Committee of Nasdaq Stockholm has found that Magle Chemoswed Holding AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of two annual fees. 

2026:11 Ovzon AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Ovzon AB (publ) has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of two annual fees. 

2026:12 VIMAB Group AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that VIMAB Group AB (publ) has breached the rules of Nasdaq First North Growth Market and therefore ordered the company to pay a fine of nine annual fees. 

Decisions & Sanctions Archive
2024

2024:01 Anoto Group AB

The Disciplinary Committee of Nasdaq Stockholm has found that Anoto Group AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of four annual fees.

2024:02 Intellego Technologies AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Intellego Technologies AB (publ) has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of twelve annual fees.

2024:03 Arctic Securities AS

The Disciplinary Committee of Nasdaq Stockholm has found that Arctic Securities AS has breached the Nasdaq First North Growth Market Rulebook and therefore decided to cancel the company’s permission to act as Certified Adviser and ordered the company to pay a fine of SEK 2,000,000.

2024:04 Physitrack PLC

The Disciplinary Committee of Nasdaq Stockholm has found that Physitrack PLC has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of two annual fees.

2024:05 Citigroup Global Markets Europe AG

The Disciplinary Committee of Nasdaq Stockholm has found that Citigroup Global Markets Europe AG has breached the Nasdaq Nordic Member Rules and therefore ordered the company to pay a fine of SEK 6,000,000.

2024:06 Flexion Mobile Plc

The Disciplinary Committee of Nasdaq Stockholm has found that Flexion Mobile Plc has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of seven annual fees.

2024:07 Oscar Properties Holding AB

The Disciplinary Committee of Nasdaq Stockholm has dismissed a disciplinary case concerning Oscar Properties Holding AB.
2022

2022:01 LSTH Svenska Handelsfastigheter AB

The Disciplinary Committee of Nasdaq Stockholm AB has found that LSTH Svenska Handelsfastigheter AB has breached Nasdaq Stockholm's Rule Book for Issuers of Fixed Income Instruments and therefore ordered the Company to pay a fine of SEK 1,500,000.

2022:02 Divio Technologies AB

The Disciplinary Committee of Nasdaq Stockholm AB has found that Divio Technologies AB has breached the rules of Nasdaq First North Growth Market and therefore ordered the Company to pay a fine of three annual fees.

2022:03 Newton Nordic AB

The Disciplinary Committee of Nasdaq Stockholm AB has found that Newton Nordic AB (the "Company") has breached the Nasdaq First North Growth Market Rulebook and therefore decided that the Company's shares shall be delisted from Nasdaq First North Growth Market. 

2022:04 Precomp Solutions Aktiebolag (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Precomp Solutions Aktiebolag (publ) has breached the rules of Nasdaq First North Growth Market and therefore ordered the Company to pay a fine of five annual fees.


2022:05 Telia Company AB

The Disciplinary Committee of Nasdaq Stockholm has found that Telia Company AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of two annual fees.

2022:06 SAS AB

The Disciplinary Committee of Nasdaq Stockholm has found that SAS AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of three annual fees.

2022:07 Euroafrica Digital Ventures AB

The Disciplinary Committee of Nasdaq Stockholm has found that Euroafrica Digital Ventures AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of five annual fees.

2022:08 Brighter AB

The Disciplinary Committee of Nasdaq Stockholm has found that Brighter AB has breached Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of eight annual fees.

2022:09 Trelleborg AB

The Disciplinary Committee of Nasdaq Stockholm has found that Trelleborg AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of four annual fees.

2022:10 Hedera Group AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Hedera Group AB (publ) has breached the rules of Nasdaq First North Growth Market and therefore ordered the company to pay a fine of four annual fees.
2020

2020:1 Bayn Europe AB

The Disciplinary Committee of Nasdaq Stockholm has found that Bayn Europe AB (the “Company”) has breached the Nasdaq First North Growth Market Rulebook (the “Rulebook”) and has therefore ordered the Company to pay a fine of four annual fees, corresponding to an amount of SEK 400,000. 

2020:2 Endomines AB

The Disciplinary Committee of Nasdaq Stockholm has found that Endomines AB (publ) ("Endomines" or the “Company”) has breached the Nasdaq Stockholm Rulebook for Issuers (the “Rulebook”) and has therefore ordered the Company to pay a fine of two annual fees, corresponding to an amount of SEK 410,000. 

2020:3 Saab AB

The Disciplinary Committee at Nasdaq Stockholm has tried whether Saab AB (“Saab” or “the Company”) in two different cases has acted in breach of the Nasdaq Stockholm Rulebook for Issuers (“the Rulebook”). In Decision 2020:03, the Disciplinary Committee finds that Saab has acted in breach of the Rulebook, and has therefore ordered the Company to pay a fine of four annual fees, corresponding to an amount of SEK 7,767,039.00.

2020:4 Saab AB

The Disciplinary Committee at Nasdaq Stockholm has tried whether Saab AB (“Saab” or “the Company”) in two different cases has acted in breach of the Nasdaq Stockholm Rulebook for Issuers (“the Rulebook”). In Decision 2020:04, the Disciplinary Committee finds that Saab did not act in breach of the Rulebook.

2020:5 Cell Impact AB

The Disciplinary Committee of Nasdaq Stockholm has found that Cell Impact AB (“Cell Impact” or “the Company”) has not breached Nasdaq First North Growth Market Rulebook(“the Rule Book”) and has therefore not imposed a sanction on the Company.

2020:6 Hitech & Development Wireless Sweden Holding AB

The Disciplinary Committee of Nasdaq Stockholm has found that Hitech & Development Wireless Sweden Holding AB (publ) (“HDW” or the “Company”) has breached the Nasdaq First North Growth Market Rulebook (the “Rulebook”) and has therefore ordered the Company to pay a fine of eight annual fees, corresponding to an amount of SEK 800 000.

2020:7 Italeaf S.p.A

The Disciplinary Committee of Nasdaq Stockholm has found that Italeaf S.p.A. (“Italeaf” or the “Company”) repeatedly has breached the Nasdaq First North Growth Market Rulebook (the “Rulebook”) and has therefore decided that the Company’s shares (depository receipts) shall be delisted from Nasdaq First North Growth Market no later than September 30, 2020.

2020:8 Northbaze Group AB

The Disciplinary Committee of Nasdaq Stockholm has found that Northbaze Group AB (“Northbaze” or the “Company”) has breached the Nasdaq First North Growth Market Rulebook (the “Rulebook”) and has therefore ordered the Company to pay a fine of six annual fees, corresponding to an amount of SEK 600 000.

2020:9 AVTECH Sweden AB

The Disciplinary Committee of Nasdaq Stockholm has found that AVTECH Sweden AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of four annual fees, corresponding to an amount of SEK 400,000.

2020:10 Mavshack AB

The Disciplinary Committee of Nasdaq Stockholm has found that Mavshack AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of four annual fees, corresponding to an amount of SEK 400,000.

2020:11 Mavshack AB

The Disciplinary Committee of Nasdaq Stockholm has found that Mavshack AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of two annual fees, corresponding to an amount of SEK 200,000.

2020:12 Westpay AB

The Disciplinary Committee of Nasdaq Stockholm has found that Westpay AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of two annual fees, corresponding to an amount of SEK 200,000.

2020:13 Oasmia Pharmaceutical AB

The Disciplinary Committee of Nasdaq Stockholm has found that Oasmia Pharmaceutical AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of fifteen annual fees, corresponding to an amount of SEK 3,075,000.
2018
2016
2014
2012
2010

2010:1 Morphic Technologies AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Morphic Technologies AB (“Morphic”) breached the Exchange’s rules and regulations governing public information, the disclosure of information to the stock market and the Board of Directors and management. Accordingly, Morphic has been ordered to pay a fine of 1 920 000 Swedish kronor.
 

2010:2 NovaCast Technologies AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has examined whether the listed company NovaCast Technologies AB (“NovaCast”) breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market, in particular the rules regarding Correct and relevant information (3.1.2) and Timing of information (3.1.3). The Disciplinary Committee has ruled that the company has not breached the rules. The company does, however, not go free from criticism.
 

2010:3 Borås Wäfveri AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Borås Wäfveri AB (“Borås Wäfveri”) breached the Exchange’s rules and regulations governing disclosure of information to the stock market in relation to a modified audit report respectively a new issue of securities. Accordingly, Borås Wäfveri has been ordered to pay a fine of three annual fees, corresponding to 576 000 Swedish kronor.
 

2010:4 HQ AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company HQ AB (“HQ”) on two occasions has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Accordingly, HQ has been ordered to pay a fine of three annual fees. In this specific case, the Disciplinary Committee has considered the fact that HQ has been de-listed and that the market value has substantially changed. Therefore, the Disciplinary Committee has ruled that each annual fee shall correspond to half of what the company paid per year, in total 288 000 Swedish kronor.
 

2010:5 Diamyd Medical AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Diamyd Medical AB (“Diamyd”) on four occasions has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Accordingly, Diamyd has been ordered to pay a fine of three annual fees, corresponding to 576 000 Swedish kronor.
 

2010:6 Metro International S.A.

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Metro International S.A. (“Metro”) on two occasions has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Accordingly, the Disciplinary Committee has ruled that Metro must pay a fine of 384 000 Swedish kronor, corresponding to two annual fees.
2008
2006
2004
2002
1999
1997
1994
2025

2025:01 Ellwee AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that ELLWEE AB (publ) has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of three annual fees.

2025:02 DORO AB

The Disciplinary Committee of Nasdaq Stockholm has found that DORO AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of two annual fees.

2025:03 Bio Vitos Pharma AB

The Disciplinary Committee of Nasdaq Stockholm has dismissed a disciplinary case concerning Bio Vitos Pharma AB.

2025:04 QUIA PHARMA AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that QUIA PHARMA AB (publ) has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of five annual fees.

2025:05 Rolling Optics Holding AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Rolling Optics Holding AB (publ) has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of three annual fees.

2025:06 Hedera Group AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Hedera Group AB (publ) has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of three annual fees.

2025:07 Mashup Ireland AB

The Disciplinary Committee of Nasdaq Stockholm has found that Mashup Ireland AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of 15 annual fees.

2025:08 Acenta Group AB

The Disciplinary Committee of Nasdaq Stockholm has found that Acenta Group AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of six annual fees.
2023

2023:01 Photocat A/S

The Disciplinary Committee of Nasdaq Stockholm has found that Photocat A/S has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of six annual fees.

 

2023:02 Bilia AB

The Disciplinary Committee of Nasdaq Stockholm has found that Bilia AB (“the Company”) has not breached the rules of Nasdaq Stockholm (“the Rule Book”) and has therefore not imposed a sanction on the Company.

 

2023:03 AegirBio AB

The Disciplinary Committee of Nasdaq Stockholm has found that AegirBio AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of eight annual fees.

 

2023:04 Goodbye Kansas Group AB

The Disciplinary Committee of Nasdaq Stockholm has found that Goodbye Kansas Group AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of four annual fees.

 

2023:05 Azelio AB

The Disciplinary Committee of Nasdaq Stockholm has found that Azelio AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of two annual fees.

 

2023:06 ISR Immune System Regulation Holding AB (publ)

The Disciplinary Committee of Nasdaq Stockholm AB has found that ISR Immune System Regulation Holding AB (publ) has breached the Nasdaq Fist North Growth Market Rulebook and therefore decided that the company’s shares shall be delisted from Nasdaq First North Growth Market.

 

2023:07 Rizzo Group AB

The Disciplinary Committee of Nasdaq Stockholm has found that Rizzo Group AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of three annual fees.

 

2023:08 Mips AB

The Disciplinary Committee of Nasdaq Stockholm has found that Mips AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of two annual fees.

 

2023:09 Move About Group AB

The Disciplinary Committee of Nasdaq Stockholm has found that Move About Group AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of eight annual fees.

 

2023:10 Mavshack AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Mavshack AB (publ) has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of ten annual fees.

 

2023:11 New Nordic Healthbrands AB

The Disciplinary Committee of Nasdaq Stockholm has found that New Nordic Healthbrands AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of six annual fees.
2021

2021:01 Atari Inc.

The Disciplinary Committee of Nasdaq Stockholm has found that Atari Inc. has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of eight annual fees, corresponding to an amount of SEK 800 000.

2021:02 Modern Times Group MTG AB

The Disciplinary Committee of Nasdaq Stockholm has found that Modern Times Group MTG AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of two annual fees.

2021:03 Swedbank AB

The Disciplinary Committee of Nasdaq Stockholm has found that Swedbank AB has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of twelve annual fees.

2021:04 Dome Energy AB

The Disciplinary Committee of Nasdaq Stockholm has found that Dome Energy AB has breached the Nasdaq First North Growth Market Rulebook and therefore ordered the company to pay a fine of four annual fees.

2021:05 Amasten Fastighets AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Amasten Fastighets AB (publ) has breached the Takeover rules for Nasdaq Stockholm and therefore ordered the company to pay a fine of SEK 1,000,000.

2021:06 European Lingerie Group AB

The Disciplinary Committee of Nasdaq Stockholm has found that European Lingerie Group AB has breached Nasdaq Stockholm’s Rule Book for Issuers of Fixed Income Instruments and therefore ordered the Company to pay a fine of SEK 400,000.

2021:07 Nordea Hypotek Aktiebolag

The Disciplinary Committee of Nasdaq Stockholm has found that Nordea Hypotek Aktiebolag has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of SEK 1,500,000.

2021:08 Eltel AB (publ)

The Disciplinary Committee of Nasdaq Stockholm has found that Eltel AB (publ) has breached the rules of Nasdaq Stockholm and therefore ordered the company to pay a fine of five annual fees.
2019

2019:1 Cyxone AB

The Disciplinary Committee of Nasdaq Stockholm has found that Cyxone AB (”Cyxone” or “the Company”) has breached the regulations of Nasdaq First North (“the Rulebook”) and has therefore ordered Cyxone to pay a fine of two annual fees, corresponding to an amount of SEK 200,000.

2019:2 MaxFastigheter i Sverige AB

The Disciplinary Committee of Nasdaq Stockholm has found that MaxFastigheter i Sverige AB (”MaxFastigheter” or “the Company”) has breached the regulations of Nasdaq First North (“the Rulebook”) and has therefore ordered MaxFastigheter to pay a fine of three annual fees, corresponding to an amount of SEK 526,691.

2019:2 MaxFastigheter i Sverige AB Press Release (EN)

2019:2 MaxFastigheter i Sverige AB Decision (EN) 

2019:2 MaxFastigheter i Sverige AB Pressmeddelande (SE)

2019:2 MaxFastigheter i Sverige AB Beslut (SE)
 

2019:3 Precise Biometrics AB

The Disciplinary Committee of Nasdaq Stockholm has found that Precise Biometrics AB (“Precise” or the “Company”) has breached Nasdaq Stockholm’s Rule Book for Issuers (the “Rule Book”) and therefore ordered Precise to pay a fine of two annual fees, corresponding to an amount of SEK 410,000.

2019:3 Precise Biometrics AB Press Release (EN)

2019:3 Precise Biometrics AB Decision (EN) 

2019:3 Precise Biometrics AB Pressmeddelande (SE)

2019:3 Precise Biometrics AB Beslut (SE)
 

2019:4 Clinical Laserthermia Systems AB

The Disciplinary Committee of Nasdaq Stockholm has found that Clinical Laserthermia Systems AB (”CLS” or the “Company”) has breached the regulations of Nasdaq First North (the “Rulebook”) and has therefore ordered CLS to pay a fine of 15 annual fees, corresponding to an amount of SEK 2,194,286. 

2019:4 Clinical Laserthermia Systems AB Press Release (EN) 

2019:4 Clinical Laserthermia Systems AB Decision (EN) 

2019:4 Clinical Laserthermia Systems AB Pressmeddelande (SE) 

2019:4 Clinical Laserthermia Systems AB Beslut (SE)
 

2019:5 Ericsson AB

The Disciplinary Committee of Nasdaq Stockholm has in its trial found that Telefonaktiebolaget LM Ericsson has not breached Nasdaq Stockholm’s Rulebook for Issuers and has therefore not imposed a sanction on the Company.

2019:5 Telefonaktiebolaget LM Ericsson Press Release (EN)

2019:5 Ericsson Decision (EN)

2019:5 Telefonaktiebolaget LM Ericsson Press Release (SE)

2019:5 Ericsson Decision (SE)
 

2019:6 C-RAD AB

The Disciplinary Committee of Nasdaq Stockholm has found that C-RAD AB (”C-RAD” or the “Company”) has breached the Nasdaq Stockholm Rulebook for Issuers (the “Rule book”) and has therefore ordered C-RAD to pay a fine of two annual fees, corresponding to an amount of SEK 410,000

2019:6 C-RAD AB Beslut (SE)

2019:6 C-RAD AB Decision (EN)

2019:6 C-RAD AB Pressmeddelande (SE)

2019:6 C-RAD AB Press Release (EN)
2017
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2013
2011
2009
2007
2005
2003
2001
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1996

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