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Eniro reports on decision from disciplinary committee of Nasdaq OMX Stockholm exchange.

M2 EQUITYBITES-June 30, 2015-Eniro reports on decision from disciplinary committee of Nasdaq OMX Stockholm exchange

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Nordic region search company Eniro (STO:ENRO) announced on Monday that the Nasdaq Stockholm's disciplinary committee has rendered its decision in two matters referred to the committee by Nasdaq OMX Stockholm, or the exchange.

According to the company, the disciplinary committee has found that it has contravened certain items of the exchange's member rules and that Eniro therefore shall pay a fine to the exchange equal to three annual fees to the Exchange.

In the matter regarding the incorrect accounting that was caused by the company's former CEO, which Eniro discovered and corrected during 2014, the disciplinary committee has concluded that the disclosures and financial reporting of the company has been incorrect as a result of the errors. At the same time, the disciplinary committee stressed that Eniro, as a consequence of the CEO's actions, was put in a distressing situation and that the error related to a question of periodisation and a relatively limited amount. In September 2014, Eniro reported its former CEO to the police authority.

Also, in the matter regarding Eniro's adjustment in May 2015 of its full-year forecast, the disciplinary committee emphasised that it has not been argued that Eniro knowingly published an incorrect forecast. Nor does the committee question the statement that a rapid and unexpected negative trend occurred soon after the report for the first quarter was published.

So, the committee has decided that the matter merely related to a question of judgement in which the disciplinary committee has found that Eniro should have made a different assessment and adjusted its forecast already on 24 April when the report for the first quarter 2015 was published.

In connection with these decisions by the disciplinary committee Eniro said that it had come to the same conclusion as the exchange in relation to the incorrect accounting and as a result adjusted its accounting already in 2014 and reported the former CEO to the police authority.

As regards the adjustment of the forecast, Eniro noted that the disciplinary committee saw no reason to doubt that the board of Eniro had spent considerable time and gravity on the forecast issue and emphasised that the company has not knowingly published an incorrect forecast.

Further, the disciplinary committee did not question that a rapid and unexpected negative trend occurred soon after the report for the first quarter was published.

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Publication:M2 EquityBites (EQB)
Date:Jun 30, 2015
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