(BFM Bourse) – The Sanctions Commission of the stock market watchdog has imposed a total fine of 1.2 million euros against the connected health device company Visiomed and its two former directors, for disseminating false or misleading information.
The Sanctions Commission of the Financial Markets Authority has imposed a fine of 1.2 million euros in total on the biotech company Visiomed and two of its former directors for “market manipulation”, the Markets Authority announced on Wednesday. financial statements in a press release.
“For disseminating false or misleading information” likely to have inflated the share price “to an abnormal or artificial level”, the fine for Visiomed is 200,000 euros and those of the two former directors Eric Sebban and Olivier Hua respectively 650,000 and 350,000 euros.
Specializing in connected health devices, Visiomed has invented the first contactless infrared medical thermometer. The company was founded in 2007 by Eric Sebban, who was its CEO until June 2018, before stepping down for health reasons.
Olivier Hua was appointed head of the group upon his departure and until the return of Eric Sebban in February 2019, who again assumed the role of CEO for five months.
“False or misleading information” broadcast 13 times
Visiomed “disseminated false or misleading information on 13 occasions, between October 2017 and May 2019”, notably on its 2017 turnover and the success of a commercial teleconsultation offer, ruled the Sanctions Commission.
“This false or misleading information gave investors a more favorable image of the development of Visiomed and its prospects than it really was,” details the AMF in a press release. These communications “were likely” to cause the share price to rise “to a level higher than it would have been in the presence of accurate and non-misleading information.”
According to the Commission, “Visiomed knew or should have known that this information was false or misleading”. She also ruled that failings were attributable to the two former leaders.
A “dejected” ex-leader
The investment company Negma Group, which participated in Visiomed’s fundraising, was fined 100,000 euros for failing “to meet its reporting obligations”. The Commission considered that Negma had not declared certain transactions in Visiomed shares.
The sanctions imposed, which may be the subject of an appeal, are, for the company Visiomed, higher than the requisitions of the AMF college, which had requested 100,000 euros. The requisition was 750,000 for Eric Sebban, 500,000 euros for Olvier Hua and 200,000 euros for Negma Group.
During the hearing in October, Eric Sebban said he was “dejected” by the amount of the sanction requested and conceded that he could have “made mistakes” and not been “vigilant enough about the people who [l]’surrounded’.
Visiomed’s lawyer had indicated that the company “considered itself deceived by the actions of its managers”.
(With AFP)
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