Swedish Economic Crime Authority (EBM) files charges against founder Truls Sjöstedt and ex-CEO Henrik Norström. Due to crimes now charged, EBM must also seek to levy a fine against Brighter.
Brighter AB (Publ) (the “Company” or “Brighter”) announces that it has learned today that the Swedish Economic Crime Authority (EBM) is bringing charges against the Company's founder and former chairman Truls Sjöstedt and former CEO Henrik Norström. The charges include unauthorized disclosure of insider information, market manipulation and (aggravated) insider dealing. The charges stem from certain stock market transactions that were carried out at the end of 2019. Neither Truls Sjöstedt nor Henrik Norström is any longer employed or involved in the business in any way, and Brighter has cooperated fully with the EBM throughout the preliminary investigation.
As Brighter understands it, the prosecutor must seek to levy a corporate fine in any case where a company either did not do what could reasonably be required to prevent crime or where the crime was committed by persons who had a leading position or a special supervisory or control responsibility in relation to the trader. The prosecutor must therefore, as a result of the charges now raised against Sjöstedt and Norström, also seek to levy a corporate fine against Brighter, in the amount of SEK 1.5 million. According to information received, the EBM has not suggested that any of the acts of the two defendants that have led to the prosecution were carried out with the then board's knowledge or approval. No one on Brighter's current board sat on the board during the relevant time.
Brighter understands that there are good prospects for any fines levied against Brighter to be set-off (reduced or written off in whole or in part). The district court must consider any mitigating circumstances, such as the fact that Brighter has cooperated fully with the EBM throughout the preliminary investigation. Brighter intends to apply to set-off any fines.
Corporate fines can only be imposed in connection with the announcement of a judgment in a criminal trial. Thus, today's decision has no immediate impact on Brighter's liquidity or the like.
Brighter's board will now review the prosecutor's allegations in detail and keep track of developments in this case, but Brighter sees no significant current risk for the company in this. The Company is completely focused on continued commercialization.
For more information, please contact:
Investor Relations
IR@brighter.se
Certified Adviser
Brighter’s Certified Adviser is Mangold Fondkommission AB,
About Brighter
Brighter is a health-tech company from Sweden with a vision of a world where managing chronic diseases is no longer a struggle. We believe a data-centric approach is key to providing smarter care for chronic conditions. Our daily-care solutions are designed with a vision to facilitate the flow of real-life treatment data between chronic-disease patients, their loved ones and their care providers – aiming to improve quality of life, easing the burden on healthcare systems, and opening new opportunities for data-driven research. Brighter's quality management system is ISO13485 certified. In 2019 the Company won the Swecare Rising Stars Award. The Company's shares are listed on Nasdaq First North Growth Market/BRIG. For more information, please visit our website at www.brighter.se.