Ortivus has been ordered to pay a penalty equivalent of two annual fees for breaching the stock market’s regulations regarding provision of information.
On June 10 2013 sent out a shorter press release where it was announced that the company had won a large European public procurement and had received a letter of allotment. The stock market has pointed out that the press release lacked information about essential conditions related to the letter of allotment and also that the information wasn’t extensive enough to enable an assessment of the information’s significance for the company, its financial result or for the price of the company’s stock.
According to Ortivus, the company is subject to professional secrecy in the current deal. But the information rules in the regulations are not optional, thus a listed company cannot evade the application of regulations by entering a non-disclosure agreement with a counterpart.
The disciplinary board has concluded that even though considering Ortivus’ difficulties to complete the obligation to provide information, the initial press release could have been designed in a considerably more informative manner, according to Nasdaq OMX.