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Trading in Fingerprint Cards shares suspended, company announces executive changes

 

Trading in shares of Fingerprint Cards was suspended on Tuesday, after brokerage firm Pareto Securities said in a note that the company had called analysts to warn them that consensus expectations were too high, particularly for the first quarter, according to Reuters.

“The reason for suspension is due to non disclosure of inside information,” Nasdaq Stockholm said in a statement reported by Reuters. Shares in the company had fallen by 6.9 percent before trading was halted.

Fingerprint Cards responded that it regularly communicates with analysts to repeat and clarify previous statements, and denied any wrongdoing.

“The company notes that two analysts have issued updates following the calls held on March 19. In accordance with applicable regulations, Fingerprint Cards has not communicated price sensitive information in analyst meetings, nor has the company commented on analyst estimates.”

“During the calls that were held on March 19, the company made comments on, for example, the accelerating change in market conditions for capacitive fingerprint sensors for smartphones, as communicated in the year-end report for 2017,” Fingerprint Cards said in a statement.

Amid the uncertainty, Fingerprint Cards has also announced several changes to its executive management. Pernilla Lindén has been appointed CFO, replacing interim CFO Hassan Tabrizi, who will leave the company to pursue an outside opportunity effective June 6, 2018. Lindén was most recently VP Finance Commercial at Mölnlycke Health Care, and was previously acting CFO. Senior VP, Strategy and Corporate Development, Jan Johannesson, who has been part of Fingerprint Card’s executive management team since 2013, will also leave to pursue other opportunities, effective June 30.

Fingerprint Cards also recently announced the addition of facial recognition technology to its portfolio, as the company pivots away from the focus on capacitive fingerprint sensors for smartphones that has made up most of its revenue.

UPDATE March 21, 2018

Shares of Fingerprint Cards resumed today on the Nasdaq Stockholm.

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