EMEA News
Nasdaq OMX Welcomes News of Investor Litigation Against OW Bunker
Bjørn Sibbern, CEO of Copenhagen's stock exachange, Nasdaq OMX, has welcomed news of litigation brought against OW Bunker for DKK800 million ($120 million) by a group of 27 Danish investors, Danish news reports.
"OW Bunker is a very special case, and it is in everyone's interest to find out what's been going on," said Sibbern.
"The Danish stock market is dependent upon the confidence of its investors."
Despite the OW Bunker case, Sibbern says that confidence in the Danish stock market is still high, and notes that trading activity at the Exchange has never been better.
Sibbern also asserts that the rules that govern the stock exchange are sufficient and controlled by the EU, and highlighted that the Danish Financial Supervisory Authority (FSA) approves prospectuses before a company begins trading.
OW Bunker went bankrupt last November less than eight months after an otherwise successful $1 billion IPO.
On Friday, it was announced that a group of 27 Danish investors, including ATP and PFA, two of Denmark's largest pension funds, are suing OW Bunker for losses claiming the IPO prospectus misrepresented the company and OW Bunker failed to meet its legal obligations to disclose pertinent information to the stock exchange in a timely manner.
