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Pandora fined in securities case, will appeal
A court in Denmark has fined Pandora 2 million Danish krone (about $333,000) for waiting too long to warn investors that it anticipated a drop in revenue.
Copenhagen, Denmark--A court in Denmark has fined Pandora 2 million Danish krone (about $333,000) for waiting too long to warn investors that it anticipated a drop in revenue.
The verdict concerned the downgraded annual revenue forecast Pandora delivered on Aug. 2, 2011, two weeks before reporting its full second quarter 2011 results.
The company said it expected yearly sales would fall flat after previously forecasting they would grow 30 percent. It announced the resignation of its then-CEO, Mikkel Vendelin, that same day.
The District Court in Glostrup ruled Tuesday that Pandora’s actions breached the Securities Trading Act, and stated that the company should have warned its investors by July 18, 2011 that it anticipated a drop-off in sales.
Pandora said Wednesday that it will appeal the decision to the Eastern High Court in Denmark.
The jewelry-maker was first indicted for a potential breach of the trading act in November 2013. At the time, the company said that it would plead not guilty and stated that it believed it acted in a timely manner “during a "swift and unexpected downturn" in sales.
Pandora, a company with annual worldwide sales of more than $1 billion, said the fine wouldn’t have any impact on its outlook for the remainder of 2014.
Editor's note: This story was updated to reflect the fact that Pandora has decided to file an appeal in the case.More on Financials
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