The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled
that the listed company Morphic Technologies AB (“Morphic”) breached the
Exchange's rules and regulations governing public information, the disclosure of
information to the stock market and the Board of Directors and management.
Accordingly, Morphic has been ordered to pay a fine of 1 920 000 Swedish kronor.
Morphic has undertaken to comply with the Exchange's rules and regulations for
issuers applying at any given time, both on the date on which the company's
shares are admitted for trading and on a continuous basis after the listing has
been approved. According to the Exchange's rules and regulations, the Board of
Directors and management shall have sufficient competence to control and manage
a listed company and to continuously fulfill the obligations of such a company.
Moreover, a listed company must implement and uphold the requisite procedures
and systems for disclosing information, including systems for financial
reporting. According to the Exchange's rules and regulations, the information
disclosed must also be accurate, relevant and clear and may not be misleading.
Information must also be disclosed as soon as possible.
The Disciplinary Committee has ruled that Morphic breached the Exchange's
regulations governing the actions of the Board of Directors and management,
public information and the disclosure of information to the stock market.
Accordingly, the Disciplinary Committee has ruled that Morphic must pay a fine
of 1 920 000 Swedish kronor, corresponding to ten annual fees.
About the Disciplinary Committee
The role of NASDAQ OMX 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 NASDAQ OMX Stockholm
suspects that a member or a listed company has acted in breach of NASDAQ OMX
Stockholm's rules and regulations, the matter is reported to the Disciplinary
Committee. NASDAQ OMX 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. 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: Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice
Marianne Lundius (Deputy Chairman), Professor Madeleine Leijonhufvud, Company
Director Stefan Erneholm and Company Director Hans Mertzig. Deputies: Authorized
Public Accountant Bo Magnusson, Lawyer Wilhelm Lüning, Company Director Jack
Junel, Ragnar Boman (MBA) and Carl Johan Högbom (MBA).
Media Contact:
Carl Norell
+46 8 405 66 39
carl.norell@nasdaqomx.com
