The Oslo Stock Exchange has fined krill harvester and processor Aker Biomarine NOK 500,000 (€47,377/$55,336) for failing to provide information in relation to a product launch on time.
Aker Biomarine, whose largest shareholder is Norwegian billionaire Kjell Inge Rokke, launched the Lysoveta product on Nov. 24 2020, describing it as a scientific breakthrough, opening up new opportunities and large markets in the brain, eye and other important health areas.
The Oslo Stock Exchange ruled that this inside information should have been provided no later than the evening of Nov. 19.
"This case has been poorly handled by Aker Biomarine," said CFO Katrine Klaveness. "We have made several mistakes and have learned from them."
Aker Biomarine said made it an independent assessment in advance of whether information should have been handed to the Oslo Stock Exchange judging it to be a "non-reportable press release."
Kjell Inge Rokke's Aker Capital is the largest owner in Aker Biomarine, with almost 80 percent of the shares. The krill company made a comeback as a listed company last summer when it was listed on the low-threshold marketplace Euronext Growth.
Aker Biomarine's share price has dropped 60 percent since its peak in January, while the company was struck by poor krill harvests and low sales in the second quarter.