LSC News

AB Agrowill Group fined for the failure to properly disclose investor information

The LSC established that AB Agrowill Group had failed to properly disclose the information on the reasons for the termination of the agreement whereby AB ŽIA valda had undertaken to acquire shares of AB Agrowill Group. Furthermore, AB Agrowill Group had previously on several occasions disclosed information on other material events related to the company with significant delay, often only upon encouragement by officers of the LSC where, as a result of a failure to ensure the confidentiality of the information it was published in media. The company also failed to specify the earlier published performance forecasts for 2008, the information about material events was not in all cases published in the website of the company, the LSC had established an infringement of the requirements on information languages, i.e., a notice on a material event was published in the English language only.

When imposing the fine the LSC duly considered the fact that the company had been properly responding to comments by the LSC and publishing the notices, also the fact that the infringements had been committed on a regular basis.