10/07/2012 | 06:30 CEST | Group Announcements
Staefa (Switzerland), 10.07.2012 – Sonova Holding AG informs today about the decision of the Sanction Commission of the SIX Swiss Exchange regarding the timeliness of its profit warning issued on March 16, 2011. The Sanction Commission has ruled that the profit warning should have been published already on Friday, March 4, 2011. The Sanction Commission considers this a breach of the provisions on ad hoc publicity in the Listing Rules. The company has been levied a fine in the amount of CHF 2 million. This will not have an impact on the Sonova's profit and loss account; a provision for the fine was already recorded in the 2010/11 financial statements.
“Sonova Holding AG accepts the decision, even though we do not agree with every aspect of the assessment and reasoning by the Sanction Commission. We will not appeal against this decision”, says Robert Spoerry, Chairman of the Board of Directors. “I am pleased that this investigation is completed and that we can close another chapter regarding the events in March 2011.”
The SIX Swiss Exchange started an investigation against Sonova Holding AG back in March 2011 related to a profit warning issued on March 16. On March 30, 2011, the company had already admitted that it believed that the profit warning had been issued too late. Sonova also assured the SIX Exchange Regulation of its full cooperation in their investigation.
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