Telefonaktiebolaget L M Ericsson specified earlier disclosed information at an analyst meeting on November 20, 2007 about expected sales without disclosing the specification according to prescribed protocols. The Disciplinary Committee found that this was inappropriate but it would have been excessive to classify this as a contravention of the listing agreement.
Pursuant to OMX Nordic Exchange Stockholm’s listing agreement, information that is expected to affect the valuation of the company’s listed securities to a non-immaterial degree may not, except in specific cases, be disclosed in any manner other than through public disclosure.

Ericsson publicly disclosed a profit warning on October 16, 2007 to the effect that Ericsson’s invoicing would amount to SEK 53-60 billion for the fourth quarter of 2007. On November 20, 2007, Ericsson arranged an analyst conference in New York under which it was stated that “We are likely to end up in the lower end of the range.” After the new...