The Finnish Financial Supervision Authority (FIN-FSA) has criticised the electronics manufacturer Nokia for neglecting the disclosure rules of the Helsinki Stock Exchange.
Both FIN-FSA and the Helsinki Stock Exchange issued a note to Nokia on Thursday, according to which Nokia should have disclosed already on January 14th that it had done much better in the last quarter of the year than it had expected. Instead, Nokia waited nearly two weeks until the official publication of its fourth quarter results.
Finnish legislation requires that a listed company must not delay in reporting information that might affect the company’s share price.
The result of the last quarter exceeded the October forecast by nearly 30%. Turnover was about five percent higher than predicted. The surprise announcement, which came on January 27th, boosted Nokia’s share price by six percent.
Nokia says that it held back the information because the figures were still unfinished on January 14th. The company also did not have its forecast for the first quarter of this year ready yet.
