STOCKHOLM, Sweden, Mar. 4, 2003 (PRIMEZONE) -- Stockholmsborsen's Disciplinary Committee ruled today that Elekta AB must pay a fine for breaching the listing agreement. The Committee also issued rulings in three other cases resulting in warnings for Intentia International AB, Sweco AB and Nordea AB.
Elekta
In a press release dated February 27, 2002, Elekta provided information about a legal dispute in America regarding patent infringement, for which the jury of the court of first instance had ordered Elekta to pay damages. Elekta also stated that any damages resulting from the dispute would be covered by insurance policies it had for such matters as patent infringement and product liability. From subsequent information from Elekta, it became apparent that the insurance solution was actually more equivalent to a credit arrangement. The final cost would be assumed by Elekta, but the damages would be accrued over a number of years.
The Disciplinary Committee found that the information issued by Elekta on February 27, 2002 must be regarded as misleading because the insurance terms and conditions in question were unusual in relation to customary terms and conditions in Sweden. The unusual aspect was that the amount of damages would ultimately be borne by Elekta in the form of future pension premiums. Against this background, the Disciplinary Committee concluded that the press release was so incomplete that it constituted a breach of the provisions of the listing agreement.
The Disciplinary Committee ruled that Elekta must pay a fine corresponding to two annual fees -- a total of approximately SEK 480,000 -- to Stockholmsborsen. Intentia, Sweco and Nordea Information from Intentia, Sweco and Nordea had been available on the Internet before the companies had released the information in the manner stipulated in the listing agreement with Stockholmsborsen. The information had been released in an unauthorized manner, because an outsider had identified the hidden address under which the information had been prepared for launching on the websites of the companies concerned. As a result, Reuters was able to distribute the information before it had been published by the companies in the prescribed manner. The addresses used by the companies for processing the information were identical to the addresses used for corresponding information on prior occasions, apart from changes to the final two characters from Q2 or Q3, or similar changes.
In view of the fact that the addresses used in the past for similar information were known and available to the public, the Disciplinary Committee ruled that the addresses used by the companies concerned for the hidden information were of such a nature that an initiated person could guess where the information was and thus gain advance access to the reports. Since the information that was released in this manner was within the confines of the said companies' sphere of control, the Committee found that the listing agreement had been contravened. However, the Committee also concluded that the unintentional release was connected in part to a desire on the part of the companies to ensure that the information -- in accordance with the Exchange's instructions -- would be available on their websites as soon as possible after it had been released in the stipulated manner.
Against the above background, the Disciplinary Committee concluded that the breaches were excusable and therefore decided to issue a warning to the companies concerned.
Disciplinary Committee
If Stockholmsborsen suspects that a Member or a listed company has acted in breach of Stockholmsborsen's rules and regulations, the matter is reported to the Disciplinary Committee. Stockholmsborsen pursues the matter and the Disciplinary Committee investigates the suspicions and issues a ruling regarding possible sanctions. The sanctions possible for a listed company are a warning, a fine or delisting. The possible sanctions for Members are a warning, a fine or termination of membership. The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with experience of serving as judges. There must be at least two other members who have in-depth insight into the workings of the securities market.
Members: Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Madeleine Leijonhufvud (professor), Stefan Erneholm (company director) and Hans Mertzig (company director). Deputy Members: Hans Edenhammar (MBA), Claes Beyer (lawyer), Jack Junel (company director), Lars Ostman (professor) and Ragnar Boman (MBA).
For further information or comments Anders Ackebo, Head of Listing & Surveillance Stockholmsborsen +46 8 405 70 10 Mats Beckman, Legal advisor Stockholmsborsen +46 70 559 52 19 Maria Andark, VP Corporate Communication Stockholmsborsen +46 8 405 73 50
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http://www.waymaker.net/bitonline/2003/03/04/20030304BIT00710/wkr0001.doc
http://www.waymaker.net/bitonline/2003/03/04/20030304BIT00710/wkr0002.pdf