The Stockholm Stock Exchange fined SAS after some journalists were told about pilot strikes minutes before the company issued an official press release.
SAS, which is currently in a Chapter 11 restructuring process, and its pilots were locked out in mediation in July in a last-minute attempt to avert strikes. When the mediation ended and it became clear that there would be strikes, journalists at the mediation site were quickly informed.
The airline explained that it issued a regulatory press release as soon as it could, but technical reasons meant that the release was issued minutes after the news reached reporters on the ground.
“It is very unfortunate that the news reached the media a few minutes before the publication of the regulatory press release,” SAS said in a statement on September 23, 2022. Therefore, the disciplinary committee of Nasdaq Stockholm imposed a fine equivalent to SAS’s annual fee on the stock exchange, they said. in the airline.
Listed companies are bound by strict rules about publishing confidential information that could affect their share price, such as financial results, acquisitions or, in the case of airlines, pilot strikes.
Pilot strikes at SAS lasted 15 days, causing the cancellation of 4,000 flights and costing the company millions.
https://www.aerotime.aero/articles/32228-sas-fined-press-release-pilot-strikes The SAS was fined after some journalists were the first to receive information about the strike