STOCKHOLM (BRAIN) — Helmet technology company MIPS was fined SEK 1.7 million ($163,660) after CEO Max Strandwitz disclosed insider information regarding the bike market during an interview in a financial publication.
Nasdaq Stockholm's disciplinary committee imposed the fine of two annual fees upon learning about the interview in Dagens Industri in September 2022. The committee said Strandwitz's interview disclosed insider information before the company disclosed it in a press release the same day.
The release, “Mips predicts a short-term weaker development of the bike market than previously communicated,” quoted Strandwitz saying the 2022 half-year report indicated bike retail was still unbalanced and it could affect short-term demand for MIPS products going into the third quarter.
MIPS issued a statement Friday denying the charge.
"MIPS does not share the disciplinary committee's view as the interview response did not contain any insider information, but merely constituted comments on the general, and well-known to the market, overall market situation without any specific information regarding the effects for MIPS, but will of course despite this, pay the fine," said Magnus Welander, chairman of the board directors of MIPS AB.
