Pandora indicted for breach of securities trading act

by eyetee | November 19, 2013 2:59 pm

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Pandora Jewelry says it will plead not guilty to charges it breached the Danish Securities Trading Act by not reporting an unexpected drop in sales in 2011 quickly enough.

According to the indictment brought by the Danish Office of Public Prosecution for Serious Economic Crimes in the District Court of Glostrup, the bead company is alleged to have waited until making its second quarter sales announcement on Aug. 2 that it would fall short of its forecast for the year. The prosecution says Pandora was aware sales would be flat as early as July 7. Pandora is listed on the Copenhagen exchange.

In a press release, the company said it believes “it acted properly during a swift and unexpected downturn in sales by making a timely and precise announcement adjusting its annual forecast in light of new information and based on an analysis of the changing market dynamics in July 2011, and it has at all times been in full compliance with all relevant rules and regulations for issuers of shares.”

According to the release, the Public Prosecution for Serious Economic Crimes has reserved the right to bring additional indictments and further to make a claim for damages during the proceedings.

Pandora says the indictment is not expected to impact its 2013 outlook.

Source URL: https://www.jewellerybusiness.com/news/pandora-indictment-for-breach-of-trading-act/

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