AARHUS, Denmark, June 13, 2013 (GLOBE NEWSWIRE) -- The CEO and founder of Trifork, Joern Larsen, has today been cleared of the charges against him for market manipulation. Trifork A/S has been fined EURm 0.13, which has come as a surprises to the chairman of Trifork.
The Court of Hjoerring today cleared the founder and CEO of Trifork, Joern Larsen in the accusations for violation of the Securities Trading Act provisions against market manipulation in connection with its listing on the Stock Exchange in 2007.
"The charge came out of the blue for us last year, and the case has been very distressing and costly for us. So I'm delighted that Joern Larsen now has been cleared of any suspicion, and that we all now can focus on the future", says the Chairman of Trifork Johan Blach Petersen.
Trifork fine a surprise
Trifork A/S has been fined EURm 0.13. This is because the court found that EBH Bank handled the market-maker agreement with Trifork improperly in connection with the instructions that the former EBH Bank Vice President Jens Nielsen gave to another EBH Bank employee, at the time when he was newly elected Chairman in Trifork A/S and had just joined the Trifork A/S board.
"It's very unfortunate that we have found ourselves in this situation where the former Chairman of or board has been found by the court to have acted unlawfully. Trifork in this sense must take a penalty because of our choice of market-maker. We note the decision of the court in imposing this penalty. However we are satisfied that it now is clear that neither Joern Larsen or the company itself has committed any improper act", says Johan Blach Petersen.
The CEO of Trifork, Joern Larsen is also glad to close this chapter.
"It has for me personally been a very unpleasant accusation, but I'm glad that I now can continue my work without a black cloud hanging over my head. Trifork last year achieved its best annual results ever, and we will continue working to internationalize the business and fulfil its great potential", he says.
Trifork was founded in 1996 and is listed on NASDAQ OMX in Copenhagen. It is an innovative software development company focusing on Mobile, Agile and Cloud. It develops and delivers business critical IT systems for several sectors including finance, healthcare, government, manufacturing and telecom. Trifork employs 235 people in 11 offices in Aarhus, Copenhagen, Esbjerg, London, Zurich, Amsterdam, Krakow, Stockholm and San Francisco. At the end of 2012 Trifork had a market value at DKKm 243 / EUR 33M, with a turnover of DKKm 223 / EURm 30.
Board of directors, Trifork A/S
DK-8000 Arhus C, Denmark
Phone: +45 8732 8787
Fax: +45 8732 8788
CEO, Joern Larsen
Direct: +41 79 430 9697