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.
The Disciplinary Committee has found that the Company has breached item 3.1 in
the Rule Book by not disclosing inside information in accordance with Article
17 in MAR and Article 2.1 in the Implementing Regulation.
On October 20, 2017, the Company published a press release (the "Press
release") with information about an upgrade of the Company's fingerprint
solution for smart cards. The information in the Press release was not labeled
as inside information. After the Press release was published, the Company's
share price increased by 41 percent, and by an additional 38 percent on the
following trading day, October 23, 2017.
According to the Disciplinary Committee, a product upgrade of the kind
announced by the Company - which included significant improvements of one of
the issuer's main products as well as expectations of reduced production costs
- would typically have a substantial impact on the price of the issuer's
financial instruments. The information in the Press release should thus have
been considered inside information. By not disclosing information in accordance
with Article 17 in MAR and Article 2.1 in the Implementing Regulation, the
Company has breached item 3.1 in the Rule Book.
The Disciplinary Committee has decided that the sanction should be a fine
corresponding to two annual fees.
A detailed description of the matter and the Disciplinary Committee's decision
is available at:
http://business.nasdaq.com/list/Rules-and-Regulations/european-surveillance/disc
iplinary-processes/decisions-and-sanctions/stockholm-2019.html
Please see the attached document for a Swedish version of the decision. An
English version of the decision will be made available as soon as possible.
For further information about this exchange notice please contact Issuer
Surveillance, telephone +46 8 405 60 00, or iss@nasdaq.com.
Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=727124© 2019 GlobeNewswire
