Stockholm, January 13, 2021 - The Disciplinary Committee of Nasdaq Stockholm
has found that Atari Inc. ("Atari" or the "Company") has breached the Nasdaq
First North Growth Market Rulebook (the "Rulebook") and therefore ordered the
Company to pay a fine of eight annual fees, corresponding to an amount of SEK
800,000.
The Disciplinary Committee concludes that Atari, despite being granted an
exemption from the normal reporting deadline set out in the Rulebook, still did
not disclose its half-yearly financial report for the period April 1 -
September 30, 2019 within the new agreed deadline. It is further concluded that
the Company did not disclose its annual financial statement for the financial
year 2019/2020 within the reporting deadline, extended to four months due to
the COVID-19 pandemic, nor its annual report within six months from the end of
the financial year. In addition, the Company has not disclosed its half-yearly
financial report for the period April 1 - September 30, 2020 within two months
from the end of the reporting period.
The Disciplinary Committee also concludes that the Exchange already in October
2019 criticized the Company for three different breaches of the disclosure
rules in the Rulebook and that the Exchange, in the event of any further
deficiencies in the Company's compliance, reserved its right to reconsider its
decision not to refer that matter to the Disciplinary Committee.
In summary, the Disciplinary Committee concludes that the Company on seven
occasions has breached the disclosure rules set out in Chapter 4 of the
Rulebook. The Disciplinary Committee takes a particularly serious view of the
Company's repeated breaches within a relatively short period of time, and
consequently orders the Company to pay a fine of eight annual fees.
The Disciplinary Committee's decision is available at:
https://www.nasdaq.com/solutions/decisions-sanctions-stockholm-2021
About the Disciplinary Committee
The role of Nasdaq Stockholm's Disciplinary Committee is to consider suspicions
regarding whether Exchange Members or listed companies have breached the rules
and regulations applying on the Exchange. If the Exchange suspects that a
member or company has acted in breach of the rules, the matter is referred to
the Disciplinary Committee. Nasdaq Stockholm investigates the suspicions and
pursues the matter and the Disciplinary Committee issues a ruling regarding
possible sanctions. The sanctions possible for listed companies are a warning,
a fine or delisting. The fines that may be imposed range from one to 15 annual
fees. The sanctions possible for Exchange Members are a warning, a fine or
debarment. Fines paid are not included in the Exchange's business but are
attributed to a foundation supporting research in the securities market. The
Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with
experience of serving as judges. At least two of the other members of the
Committee must have in-depth insight into the workings of the securities
market.
Members: Former Supreme Court Justice Marianne Lundius (Chairman), Supreme
Court Justice Ann-Christine Lindeblad (Deputy Chairman), Company Director
Joakim Strid, Company Director Stefan Erneholm, Company Director Anders
Oscarsson, Lawyer Wilhelm Lüning, Company Director Jack Junel, MBA Ragnar
Boman, MBA Carl Johan Högbom, Lawyer Patrik Marcelius, Authorized Public
Accountant Magnus Svensson Henryson, Former Authorized Public Accountant Svante
Forsberg, Lawyer Erik Sjöman and Supreme Court Justice Petter Asp.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital
markets and other industries. Our diverse offering of data, analytics, software
and services enables clients to optimize and execute their business vision with
confidence. To learn more about the company, technology solutions and career
opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
Nasdaq Media Contact
David Augustsson
+46 (8) 4056135
david.augustsson@nasdaq.com© 2021 GlobeNewswire
