Nasdaq Stockholm fines Leading Edge Materials Corp.


Goldman Sachs International fined £34.3 million for transaction reporting failures

The Disciplinary Committee of Nasdaq Stockholm has informed that it has found that Leading Edge Materials Corp. (“LEM” or “the Company”) has breached the Nasdaq First North Nordic Rulebook (the “Rulebook”) and therefore ordered LEM to pay a fine of two annual fees, corresponding to an amount of SEK 146,652.

The Disciplinary Committee has concluded that LEM breached item 4.4 (d) combined with item 4.4 (c) of the Rulebook by not publishing the Company’s quarterly report for the November 2017 – January 2018 period (“the Report”) within the prescribed time.

Moreover, the Disciplinary Committee finds that LEM breached item 4.1 of the Rulebook by making the Report available on the Company’s website and in the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) twelve hours before the information was published by way of a press release, and by issuing the press release in Canada two hours before it was issued in the EU. According to the Disciplinary Committee, the Company also breached item 4.1 of the Rulebook by not publishing the complete Report until April 9, 2018, despite being made available on the Company’s website and in SEDAR already on April 3, 2018.

The breaches committed by LEM, and the reason for those breaches primarily being shortcomings in the Company’s knowledge of the Rulebook, shows that the Company has not had an adequate competence for providing information to the market. Accordingly, item 2.2.4 of the Rulebook has been contravened.

Though positive that LEM has understood the severity of these breaches and taken extensive measures to correct the underlying shortcomings in the Company’s information disclosures, this cannot discharge the Company from liability. The Disciplinary Committee has thus decided that the sanction should be a fine corresponding to two annual fees.

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Nasdaq Stockholm fines Leading Edge Materials Corp.

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