C-RAD comments on the decision on penalty from the Disciplinary Committee at Nasdaq Stockholm
C-RAD today announces that as a result of violation of the Nasdaq Stockholm Rulebook for issuers, relating to the timing of publication of a press release in December 2017, the Disciplinary Committee at Nasdaq Stockholm has decided to impose disciplinary sanctions on C-RAD. The Disciplinary Committee instructs C-RAD to pay the stock exchange a fine of SEK 410.000, corresponding to 2 annual fees, as a result of violations regarding the rules on disclosure of inside information and capacity of providing information to the market.
For the decision in its entirety, reference is made to Nasdaq Stockholm's website.
Background
At 13:00 on December 12th, 2017, a company to which C-RAD is a subcontractor, published a press release with the meaning that the scope of a previously entered agreement had now decreased. C-RAD recognizes this press release during the afternoon of December the 12th and then initiates investigations leading to the conclusion that this also means that expected orders for C-RAD will decrease. The following morning, at 08:30 on December the 13th, C-RAD publishes a press release with this meaning.
Nasdaq has questioned the timing of the publication of this press release and has, according to a decision in the Disciplinary Committee, found that C-RAD has violated the rules for publishing inside information and capacity for providing information to the stock market.
Comments from C-RAD on the decision
C-RAD respects the views expressed by the Disciplinary Committee at Nasdaq Stockholm. C‑RAD disputes that the company did not have the capacity to provide information to the stock market. C-RAD admits that the company did not fulfil all requirements by the Market Abuse Regulation in order to apply the regulation’s possibility for delaying disclosure of inside information, thereby sharing the Disciplinary Committee’s conclusion that the press release on December the 13th, at 08:30, should have been published immediately when it was completed at 23:15 on December the 12th.
For further information:
Tim Thurn, CEO C-RAD AB, Phone , Email
Om C-RAD
C-RAD develops innovative solutions for use in advanced radiation therapy. The C-RAD group offers products and solutions for patient positioning, tumor localization and radiation treatment systems. All product development is conducted in three fully owned subsidiaries: C-RAD Positioning AB, C-RAD Imaging AB and C-RAD Innovation AB, all of which are located in Uppsala, Sweden. C-RAD has established three companies for direct sales: C-RAD Inc. in the US, C-RAD GmbH in Germany and C-RAD WOFE in China. Cyrpa International SPRL, a Franco-Belgian laser company, is a wholly owned subsidiary whose operations are integrated. C-RAD AB is listed on NASDAQ Stockholm.
For more information on C-RAD, please visit -rad.com
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