A Chairman who called key shareholders ahead of a market announcement has been fined £80,000 for unlawfully sharing inside information. The company had not classified the information about revised financial guidance and retirement of the CEO as inside information, but that did not stop the Financial Conduct Authority finding the Chairman in breach of the Market Abuse Regulation. Companies and directors should take the FCA’s decision as a warning of the dangers in sharing information with some investors ahead of the rest of the market.
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Lucy Reeve, Linklaters