RE: Yahoo - investor lawsuit hits Boohoo7 Jun 2024 09:10
BFD - BOO may get wrapped up in those "Disclosure Regulations" - market abuse a possibility.
The COMC states that making or failing to make statements or disseminate information which is likely to be regarded by the regular user of the market as relevant to determining the terms of transactions in listed securities is "behaviour" falling within the scope of the market abuse regime (MAR 1.3.1E(5)). As a result:
If a listed company issues this sort of information selectively, without an announcement to the market, both it and officers of the company who are involved are at risk of proceedings for market abuse unless there is a justification for their actions. The COMC makes it clear that information which is required to be disclosed under the Listing Rules falls squarely into the category of information which the regular user would reasonably expect to be disclosed to the market (MAR 1.4.14E(2)). Other information that may not be required to be disclosed under Listing Rules (such as a change to credit ratings) will also fall within the market abuse regime if it is routinely the subject of a public announcement (MAR 1.4.12E to 1.4.15E). The COMC states that early or selective disclosure of information, which a regular user would expect market users to have, will generally be presumed to constitute requiring or encouraging market abuse unless there is a legitimate purpose for making the disclosure. Any such disclosure should be accompanied by a confidentiality statement and a warning to the effect that the recipient should not deal on the basis of that information until it has been made generally available (MAR 1.8.5G).
https://uk.practicallaw.thomsonreuters.com/6-101-7488?transitionType=Default&contextData=(sc.Default)&firstPage=true
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