(News Bulletin 247) – The College of the Stock Exchange has requested a total of 1.35 million euros in fines against the connected health device company Visiomed and its two former directors, for disseminating false or misleading information .
The Financial Markets Authority (AMF) on Friday demanded a total of 1.35 million euros in fines against the connected health device company Visiomed and its two former directors, in a case of market manipulation via broadcasting. false or misleading information.
The AMF criticizes Visiomed for having communicated on 13 occasions between the end of 2017 and July 2019 information which “presented the situation of Visiomed more positive than reality”, underlined the rapporteur of the investigation carried out by the stock market watchdog.
In detail, the representative of the AMF College proposed fines of 750,000 euros against Eric Sebban, founder and CEO of the group before June 2018 and from February to June 2019, of 500,000 euros against Olivier Hua, CEO between June 2018 and February 2019, and 100,000 euros against Visiomed.
A financial sanction of 200,000 euros was also requested against Negma Groupe, an investment company which participated in Visiomed’s fundraising, and which is accused of not having declared threshold crossings at the capital of the company in 2019 four times.
For the AMF, Visiomed “deceived” the market
For the rapporteur of the AMF investigation, Visiomed deceived the market by announcing prospects for growth in its turnover based on orders not yet firmly contracted, by overestimating the deployment of its Visiocheck teleconsultation stations and by giving incomplete and misleading information about its fundraising.
Concerning orders not firmly contracted, Eric Sebban assured that he had received two purchase orders before the incriminated communications, but in which information was missing to be valid. He believes that Visiomed did not provide, or even deleted, useful documents for investigators.
The representative of the AMF College, for his part, underlined the “seriousness of the grievances, the repetition” of the facts and the “aggravating nature” of the situation of Eric and Olivier Hua, “leaders who know by heart the market sensitivity and the importance of new information.
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