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MajorsFeb 24, 2016
Pandora Acquitted in Securities Case
The Eastern High Court in Copenhagen has cleared the jewelry company of charges it breached the Denmark Securities Trading Act.
Copenhagen, Denmark--Pandora has been acquitted by the Eastern High Court in Copenhagen on charges of breaching the Denmark Securities Trading Act.
The case dates back to 2011, when Pandora announced on Aug. 2 that it had downgraded its annual revenue forecast, two weeks before reporting its full second quarter 2011 results.
In December 2014, the District Court of Glostrup ruled that the company should have announced the downward adjustments of revenue growth expectations for 2011 no later than July 18 and fined the company 2 million Danish krone (about $333,000 at the time) for waiting too long.
Pandora then appealed the verdict. On Tuesday, the High Court acquitted it on all charges.
The company, which is coming off a year in which it saw global sales increase 40 percent, said that it doesn’t expect the acquittal ruling to have an impact on its outlook for 2016.
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