Stock exchange supervisory authority: accusations against Publigroupe
Publigroupe is alleged to have violated regulations governing the preparation of its annual and semiannual financial statements. The stock exchange regulator, SIX Exchange Regulation, has leveled this accusation against the company and has therefore filed a motion for sanctions.
Following the conclusion of the investigation, SIX Exchange Regulation is of the opinion that Publigroupe violated the accounting standards applied in the 2011 annual financial statements and the 2012 semi-annual financial statements, the supervisory body of the Swiss stock exchange announced on Wednesday.
Specifically, the stock exchange supervisors are accusing Publigroupe of having inadequately disclosed certain requirements relating to sales revenue and interim reporting, thereby violating the regulations. According to information provided on Wednesday, the duration of the proceedings has not been determined.
Publigroupe changed its accounting standard from IFRS (International Financial Reporting Standards) to the Swiss standard Swiss GAAP FER as of the 2012 financial year. Publigroupe denies the allegations made by the stock exchange supervisory authority, according to the communiqué. (SDA)
