Today, the District Court in Glostrup has passed its verdict in a case against PANDORA concerning potential breach of section 27(1) of the Securities Trading Act, cf. section 93(6), cf. subsection 1.
PANDORA has been found to be in breach of this section in the Securities Trading Act the Company is to pay a fine of DKK 2,000,000 (approx. EUR 269,000). PANDORA is reviewing whether to appeal to the higher courts.
The verdict concerns a case dating back to 2011 and relates to Company Announcement No. 30 of 2 August 2011, when the Company announced its downward adjustment of its revenue growth expectations, two weeks earlier than the ordinary reporting date for the Q2 2011 results. The District Court in Glostrup found that the Company was obliged to announce a downward adjustment of the revenue growth expectations for 2011, no later than 18. July 2011.
The content of this release will have no impact on PANDORA's outlook for 2014, as latest communicated to the market in Company Announcement No. 202.
ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine materials at affordable prices. PANDORA jewellery is sold in more than 80 countries on six continents through approximately 9,800 points of sale, including more than 1,300 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 11,000 people worldwide of whom approximately 7,800 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark. In 2013, PANDORA's total revenue was DKK 9.0 billion (approximately EUR 1.2 billion). For more information, please visit www.pandoragroup.com.
CONTACT
For more information, please contact:
Morten Eismark
VP Group Investor Relations
Phone +45 3673 8213
Mobile +45 3045 6719