The Oslo Børs has imposed a violation fee on land-based producer Gigante Salmon for failing to disclose insider information, the exchange announced on September 10, 2024.
Gigante Salmon has been fined NOK 220,000 ($20,680) for breaching its obligation to promptly release insider information, according to the statement from the exchange.
The fine relates to a stock exchange announcement made by Gigante Salmon on March 19, 2024, revealing an increase in cost estimates for the development of its production facility in Rødøy, amounting to NOK 350 million ($32.9 million).
Oslo Børs stated that the information concerning the cost overrun constituted insider information as early as March 13, 2024, and that the company should have disclosed it at that time.
It took six days, including three trading days, for the company to release the information to the market, which triggered the penalty.
