Sonova Holding AG : Deminor reacts to SIX sanction for breach of ad hoc publicity rules


Today, the SIX Sanction Commission, the internal disciplinary board of Switzerland's stock exchange SIX, released its decision regarding the disclosure of the profit warning issued by Sonova Holding AG on March 16, 2011. Sonova Holding AG has announced that it will not appeal the decision, so that it will become binding and enforceable.

According to its press release, the SIX Sanction Commission held that the company was late with its profit warning of March 16, 2011. The fine imposed amounts to CHF 2 m, which is high if compared to sanctions imposed in other cases. In its press release, the SIX Sanction Commission states:

In considering the sanction, the Sanction Commission has taken into account the gravity of the breach, the degree of fault and the sensitivity of Sonova Holding Ltd. to a penalty, and the fact that no other sanctions have been imposed on the company in the preceding three years.

According to SIX, the company should have disclosed the profit warning on March 4, 2011, at the latest.

In March, 2012, Deminor's clients took precautionary measures (requests for payment orders) to safeguard their rights pending the Sanction Commission's investigation of the circumstances that led to the profit warning. Deminor had advised its clients to await the decision of the SIX Sanction Commission before deciding on any further steps. Deminor will now analyze the full decision and then consult with its clients about further steps aimed at recovering losses suffered on purchases of Sonova shares in the period preceding the late profit warning.

Deminor is satisfied that the SIX Sanction Commission has now come to a decision. While the decision is not binding on a court, it creates more clarity about the circumstances that have led to the late profit warning disclosed on March 16, 2011. It will also allow the case to move faster. Furthermore, Deminor hopes that Sonova will draw its lessons from the severe sanction imposed by SIX. As declared at Sonova's annual general meeting, Deminor believes that the company should do more to improve its disclosure policy and to come clean about poor reporting and disclosure practices of the past.

Contact Person

Erik Bomans, Partner, +32-2-674.71.10,


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