Pandora Fined For Late Financial Reporting in 2011

(IDEX Online) – A court in Denmark has fined jewelry maker and retailer Pandora for breaching the country's Securities Trading Act.

Pandora, which is considering an appeal to the higher courts, was fined about $334,000 (2 million Danish krone).

The case dates back to 2011 when the company announced a downward adjustment of its revenue growth expectations on August 2, just two weeks before the usual reporting date for the Q2 2011 results.

The court said that Pandora was obliged to announce a downward adjustment of the revenue growth expectations for 2011 no later than July 18.

Pandora said the decision will have no impact on its previously announced financial outlook for 2014.

Pandora's jewelry is sold in more than 80 countries on six continents via approximately 9,800 points of sale, including more than 1,300 of its concept stores.