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Set-Top Maker Pace Micro Fined Record $849,000 for Listing Violation

Authored by Mark Hefflinger on January 28, 2005 - 5:14am.
London -- After a three-year investigation, the U.K. Financial Services Authority (FSA) has fined Pace Micro, a U.K.-based TV set-top box manufacturer, a record $849,000 for breaching stock exchange listing rules. The FSA levied the fine, more than five times the previous record, after deciding Pace Micro had failed to keep investors properly updated. After a profits warning in March 2002, Pace Micro shares lost 67% of their value in a single day. The company had published interim results only two months previous. "The effect of Pace's omission from its interim announcement on January 8, 2002, was further compounded by the delay in announcing its changed expectation as to its financial performance until March 5, 2002," said FSA director of markets Gay Huey Evans. "These were clear breaches of the listing rules."
tags: Law | Pace Micro | Set-Top Maker | Listing Violation |