The German Federal Financial Supervisory Authority (BaFin) has imposed a fine of EUR 34,000 on Northern Data AG on December 7, 2020. This refers to incidents at the former amp biosimilars AG in 2016/2017. The main complaint of the BaFin concerned the former management board of the biotechnology company not having announced ad-hoc financial over-indebtedness. The Company believes it was not ad-hoc liable, in particular, because of the usual situation of a biotechnology company and market knowledge of losses incurred in the start-up period. To avoid costly and lengthy litigation regarding long-standing incidents in the predecessor company, however, the present Northern Data AG has accepted the fine set at the lower end. The Company has already published information on this matter in its annual reports upon obtaining knowledge of it. Moreover, the fining of the former biotech company is not in any other way related to the current business of Northern Data AG.
This press release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities of Northern Data AG and does not constitute a prospectus of Northern Data AG. The information contained in this press release is not intended to form the basis of any financial, legal, tax or other business decision. Investment or other decisions should not be made solely on the basis of this press release. As with all business and investment matters, please consult qualified professional advice. This release and the information contained herein are not for distribution, directly or indirectly, in or into the United States of America, Canada, Australia or Japan.