Danish Financial Supervisory Authority Finanstilsynet (FSA) has asked The Danish Securities Council to investigate Nordea Bank ((OMX: NDA SEK) (OMXH: NDA1V) (OMX: NDA DKK)) Denmark over its holdings disclosure in investment analysis of jewellery maker Pandora A/S (OMX: PNDORA).
Nordea had a general disclaimer in its analysis that it may have some financial interests, which was not deemed enough considering that the bank had a 3.9% indirect ownership at the time. Nordea spokesman told Reuters news agency that the bank has taken note and will adjust its future practises.
Pandora was listed in Copenhagen stock exchange last year through an IPO and Nordea was one of the arrangers. The initial public offering was the largest of its kind in Denmark in nearly two decades. After a massive downgrade and subsequent stock price crash couple weeks ago, the share is trading some 80% below its IPO valuation. This has completely sapped the public confidence in new listings at a time when they are at an all time lows across the Nordic exchanges.
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