The Administrative Court (Sw. förvaltningsrätten) in Stockholm has announced their verdict and upheld the administrative fine imposed on Magnasense AB, the previous company name of Subgen AI AB (“Subgen AI” or the “Company”), by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen). Subgen AI will evaluate an appeal to the Administrative Court of Appeal (Sw. kammarrätten).
On 25 June 2025, the Swedish Financial Supervisory Authority resolved to issue an administrative fine of SEK 12 million to Magnasense AB for violations of article 17.1 of the EU Market Abuse Regulation. Magnasense AB was the previous company name of the Company.
Magnasense AB filed an appeal to the Administrative Court in Stockholm on 14 July 2025 against the decision by the Swedish Financial Supervisory Authority. The Administrative Court has announced their verdict and upheld the administrative fine imposed by the Swedish Financial Supervisory Authority.
The Company will analyze the verdict by the Administrative Court and take necessary actions as well as evaluate the opportunity to file an appeal to the Administrative Court of Appeal.