(Telestock) – DiaSorinan Italian multinational company active in the field of diagnostics included in the FTSE MIB, has announced that the The Court of Appeal of Turin has annulled the resolution issued by the National Commission for Companies and the Stock Exchange (CONSOB) with which a administrative pecuniary sanction against the company for 100,000 euros in relation to the contested violation of the information obligations set out in the MAR Regulation.
The sanction annulled by the Court of Appeal of Turin referred to the information disclosed to the market with the press releases issued by Diasorin itself on March 10, 2020 and April 7, 2020, relating to the completion of the studies for the launch, respectively, of a molecular test and a serological test for the diagnosis and identification of immune response to SARS-CoV-2information that – according to CONSOB’s view – the company should have classified as privileged.
In this regard, the company had among other things highlighted, first in the sanctioning proceedings initiated by CONSOB and subsequently with the appeal to the Court of Appeal of Turin, how, in the management of the two press releases mentioned above, its behavior was i) consistent with the pastas the communication of the development of new products was not treated as privileged information, and ii) aligned with that held by other diagnostic operators on the European marketrequired to comply with the same MAR Regulation, which equally did not qualify as privileged the information relating to the launch of diagnostic tests for COVID-19 contained in their press releases issued in the same period.
The Court of Appeal of Turin, accepting the company’s defence arguments, in addition to annulling the sanctioning provision issued by CONSOB, also sentenced the latter to reimbursement of legal costs.