Nasdaq/OMX Stockholm (the Stock Exchange) has announced that Morphic will be placed on the Observation List with effect from Tuesday September 22, 2009. The reason is that the one-year review of Morphic’s Stock Exchange listing pointed to a number of failures to comply with the listing requirements. The Stock Exchange Listing Committee has also recommended that a case against Morphic be initiated in the exchange’s Disciplinary Committee.
“We see this as a stage in the cleansing process initiated by the Board immediately upon its appointment in May 2009, which is designed to turn Morphic into a company that complies in every respect with all the requirements that are made of a listed company. We have studied the exchange auditors’ report on their one-year review of Morphic following its listing in March 2008. The exchange’s decision to initiate a case in the Disciplinary Committee is something that we have been expecting, and we have no objection to it,” Attorney Jan Rynning and a Morphic Director, says.