Dutch Authority for the Financial Markets (AFM) imposed an administrative fine on biotech company Esperite N.V in the amount of €312,500, on 14 February 2020. Esperite failed to make its finances of 2017 and 2018 publicly available on time.
Esperite’s deadline for its annual revenue of 2017 was on 30 April 2018 but the report came seven months later. It’s financial figures for the first half of 2018 should have been published by 30 September 2018 but they were made publicly available nearly nine months later. Its annual figures for the whole 2018 should ave been out by 30 April 2019 but they still haven’t been released. This prevents investors of forming a realistic opinion of Esperite’s financial performance.
Based on the standard fine of €5,000,000 for such violations, as well as the seriousness of Esperite’s infraction and the degree of culpability, the amount was set to €312,500 as appropriate in this case.