Denmark’s market regulators are asking police to
investigate a local bank for failing to report its interest in Pandora during
an investment analysis prior to the Danish charm maker’s Oct. 5 IPO, according to Reuters
and other sources.
Nordea did not “sufficiently” disclose its 3.9 percent
interest in Pandora during several analyst notes, the Danish Financial
Supervisory Authority charged.
The Denmark Financial Supervisory Authority did not return a
call from JCK.
Pandora’s IPO has come under increasing scrutiny, after its
stock lost more than 70 percent of its value following its
CEO’s resignation due to declining sales. At press time it was trading at 44.10
DKK, down from its 52-week high of 371.90.
Pandora declined comment, referring all calls to Nordea.
A Nordea spokesman tells JCK: “Nordea has taken note of the
decision and the bank will in the future adjust its practice to fit the
practices of the FSA.”
He adds that the customers were informed of Nordea’s stake in numerous communications preceding the Pandora IPO and in its prospectus.