EQT says inside info handled ‘correctly’ after Swedish probe sends shares tumbling

The Swedish financial regulator has launched an investigation into suspected market abuse by EQT, Europe’s largest listed private equity firm.

The announcement by the Swedish Financial Supervisory Authority led shares in the Stockholm based firm to drop by over 6%.

A spokesperson for EQT said: “We have noted the information from the Swedish Financial Supervisory Authority and the dialogue continues. EQT AB’s assessment remains that the company has handled the timing of announcing the insider information correctly. Now it is important to let the process take its course. Hence, we will not comment further on this matter.”

READ EQT’s Christian Sinding: ‘We were pushing on the brake and the gas pedal at the same time’

A statement from Finansinspektionen (FI) said the watchdog had decided to open the investigation over “postponed publication of inside information”.

The decision follows a request, made by the regulator on 14 September, for EQT to provide an explanation for a delay in reporting information on 7 September “in connection with changes to the company’s lock-in agreement”.

“EQT has since submitted a response to FI,” the statement said. “Following an initial analysis of the company’s response, FI has decided to investigate whether EQT has violated Article 17 and Article 18”.

The investigation follows a $2.7bn public offering under which EQT top executives were able to sell shares.

This article was published by Private Equity News

To contact the author of this story with feedback or news, email Mark Latham

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