NeuroSearch A/S
NeuroSearch convicted for share price manipulation

NeuroSearch A/S 

08.08.2014 13:29

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Company Announcement

8 August 2014



NeuroSearch was today convicted in an action brought by the Danish State
Prosecutor for Serious Economic and International Crime claiming that
NeuroSearch was guilty of share price manipulation contrary to the rules of the
Danish Securities Trading Act. The company was ordered to pay a fine of DKK 5
million. 

The action arose out of NeuroSearch's announcement of February 2010 in which
the company presented top-line results from a clinical phase III study
regarding the drug candidate Huntexil. 

The Court held NeuroSearch liable for the announcement containing incorrect or
misleading signals about the price of the company's shares contrary to the
prohibition against share price manipulation. The claim against the company's
then CEO was also approved. 

The chairman of the board of directors, Karin Garre, has the following comments
to the Court's judgment: 'We are very surprised and deeply disappointed by the
Court's ruling  that the results from a clinical study presented by the company
in 2010 contained share price signals which were so misleading that it has been
deemed share price manipulation. This perspective of the situation is not
shared by NeuroSearch '. 


The company now has two weeks to decide whether to appeal the District Court
judgment to the Danish High Court. If the judgment is not appealed, NeuroSearch
can proceed to clarify the future of the company. If the judgment is appealed,
the clarification will probably have to await the High Court judgment.
NeuroSearch will carefully study the judgment and then decide whether to accept
the judgment or to appeal it to the Danish High Court. 

If not appealed, the judgment will imply that the company's anticipated loss
for the current financial year will be DKK 15 million compared to the former
anticipated loss of DKK 10 million. 


Allan Andersen
CEO


Contact person
Allan Andersen, CEO, mobile +45 4016 3864.

About NeuroSearch
NeuroSearch A/S (NEUR) is listed on NASDAQ OMX Copenhagen A/S.
News Source: NASDAQ OMX



08.08.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language:     English
Company:      NeuroSearch A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010224666
WKN:          
 
End of Announcement                             DGAP News-Service
 
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