FIN-FSA imposes penalty payment of EUR 50,000 on Plc Uutechnic Group Oyj for violation of disclosure obligation
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 50,000 on Plc Uutechnic Group Oyj, as the company violated the disclosure obligation of an issuer of shares in autumn 2015.
Plc Uutechnic Group Oyj has failed to comply with the ongoing disclosure obligation laid down in Chapter 6, section 4 of the Securities Markets Act by omitting to disclose, without undue delay, such factors relating to the company and its activities that are likely to have a material effect on the value of the company’s shares. The company failed to issue a profit warning without undue delay after it had become evident to the company no later than by 14 August 2015 that the future prospects outlined for the financial year 2015 would not likely be realised. The company lowered its financial guidance in the interim report published on 28 August 2015. At the time of the omission the company’s name was Vaahto Group Plc Oyj.
The size of the penalty payment is based on a comprehensive assessment, taking into account, among other things, the nature and duration of the act. The penalty payment is payable to the State.
The decision of the FIN-FSA is not yet legally binding. The company has the right to appeal the decision of 11 September 2018 to the Helsinki Administrative Court within 30 days of receipt of notice of said decision.
Further information
Sonja Lohse, Head of Director General’s Staff, Chief Advisor
Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00.
Appendix
FIN-FSA decision (pdf, in Finnish)