(BFM Bourse) – The sanctions commission of the Stock Exchange policeman has issued this fine against the former manager and founder of Navya, Christophe Sapet. The AMF believes that the company took far too long to communicate on its financial health for 2018.
The sanctions committee of the Financial Markets Authority (AMF) on Thursday pronounced a sanction of 50,000 euros against the former manager of Navya, 100,000 euros less than what was required at the meeting in November.
Christophe Sapet, founder of Navya, was sanctioned for “failing to comply with the obligation to publish inside information as soon as possible and the obligation to declare threshold crossings”. Christophe Sapet was criticized for not having communicated early enough that the company was not going to achieve its financial objectives in 2018.
On December 7 of this year, Navya, a pioneer of autonomous vehicles founded in 2014, published a press release saying that it “considers that the announced turnover target of 30 million euros for 2018 will not be achieved” and that it will rather amount to between 17 and 19 million euros.
Excerpts that “didn’t hold water”
After this publication, the group, which had entered the Paris Stock Exchange six months earlier, saw its price drop by more than 20% in one day. Christophe Sapet leaves the presidency of the management board during the month.
Before the members of the sanctions committee, the rapporteur of the investigation mentioned in November an email from the financial director at the time which made it “predictable no later than October 18” that it would be difficult to achieve the announced objectives. .
However, the Commission held that this information “was privileged from November 14, 2018”, that is to say that it should have been communicated to the market from that date.
Christophe Sapet’s lawyer, Me Eric Boillot, highlighted a change in the publication delay “which is now only three weeks”, criticizing an accusation based on extracts which “did not hold water”.
The representative of the AMF College had requested a financial sanction of 150,000 euros against the former manager. The Sanctions Commission ultimately opted for a fine three times lower, of 50,000 euros.
“It has not been demonstrated that Christophe Sapet would have obtained a gain or an advantage, or avoided a loss or a cost due to the disputed breaches, nor that third parties would have suffered losses due to said breaches,” she said. motivated in his decision.
A second complaint for non-declaration of the crossing “downward of the threshold of 5% of the capital” of Navya was also retained against Christophe Sapet. A breach of “isolated and involuntary nature”, specified the AMF in its decision.
(With AFP)
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