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NASDAQ OMX Stockholm Fines Oasmia Pharmaceutical AB

Thursday, 11 Jul 2013 05:30am EDT 

NASDAQ OMX Stockholm announced that the Disciplinary Committee of NASDAQ OMX Stockholm AB (the Exchange) has found that Oasmia Pharmaceutical AB (Oasmia) has contravened the Exchange’s Rulebook for Issuers in the terms of disclosures and has therefore ordered Oasmia to pay a fine corresponding to four times the company’s annual fee to the Exchange. The case concerns Oasmia’s violation of items 3.1.1, 3.1.5 and 3.2.1 in the Rulebook. According to the Disciplinary Committee, Oasmia disclosed a number of facts of a price-sensitive nature without also simultaneously publishing the information pursuant to the Rulebook’s stipulations. Oasmia also failed to inform the stock market about a cancelled partnership agreement in August 2011, which should have been disclosed immediately. Since the cancellation of the partnership agreement could have resulted in a reimbursement liability for Oasmia, the company’s annual report and 2010/2011 administration report, dated August 25, 2011, should have included information about the cancelled partnership agreement, and an explanation as to why the company’s executive management deemed it unnecessary to recognize a provision. The news was not published until the company issued its year-end report in June 2012, along with a provision. 

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