The Disciplinary Committee of Nasdaq Stockholm announced that has found that CybAero AB 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.