Pandora denies breaching Danish Trading Act

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Jewellery brand will plead not guilty and says it acted properly.

Pandora has denied breaching the Danish Securites Trading Act following an indictment of the jewellery company.

The District Court of Glostrup has accused Pandora of not announcing its downward adjustment of its revenue growth expectations for 2011 to 0% in time.

The indictment said that the company should have made the announcement between July 7 and August 1, 2011, and had five opportunities to do so, but did not announce it until August 2, 2011.

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Pandora has said that it will plead not guilty to the charges and claims that it "acted properly during a swift and unexpected downturn in sales by making a timely and precise announcement adjusting its annual forecast in light of new information and based on an analysis of the changing market dynamics in July 2011".

A statement from the jeweller added that it has "at all times been in full compliance with all relevant rules and regulations for issuers of shares".

Pandora said that the indictment will have no impact on its outlook for 2013.

 

 

 

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