The legal action concerns an alleged breach of contract by Nordnet in connection with Xoma’s first listing process on the Spotlight Stock Market in the fall of 2024. The attempt at an IPO fell through, and according to Xoma, it was due to the alleged breach of contract that the offering to the public was withdrawn.
Xoma is claiming that Nordnet should compensate the company with 13 million SEK, according to a press release.
Nordnet, on the other hand, argues that there was no breach of contract.
“Xoma had a listing process last fall, and our customers had the opportunity to subscribe for shares in connection with the introduction. We chose after a while not to provide this service to our customers anymore because we felt that the company did not act in a consumer-friendly manner,” said Johan Tidestad, communications manager at Nordnet.
According to Tidestad, Nordnet believed that Xoma’s marketing methods were “not healthy” or in line with the interests of savers.
“It was about marketing measures that we deemed to be unfair and activities on social media that we considered misleading. This made us no longer want to offer our customers to subscribe,” Tidestad explained.
“Do you believe there was a breach of contract?”
“Absolutely not. We had accepted a request from Xoma to enable subscription for shares, but it was not an unconditional commitment. We must consider our customers’ interests and act in a trustworthy manner,” Tidestad stated.
In the world of finance and investments, trust and transparency are crucial for maintaining a strong relationship between companies and their clients. The lawsuit between Xoma and Nordnet sheds light on the importance of clear communication and ethical business practices in the financial industry.
The battle between Xoma and Nordnet highlights the complexities of the financial markets and the legal implications that can arise when agreements are not honored. As investors and consumers, it is essential to be aware of the risks and challenges that can arise when dealing with financial institutions and companies.
This case serves as a reminder of the importance of due diligence and careful consideration when entering into financial agreements. It also underscores the need for clear and transparent communication between all parties involved to avoid misunderstandings and disputes in the future.
In conclusion, the legal action between Xoma and Nordnet is a sobering reminder of the potential pitfalls that can occur in the financial industry. It is a call to action for companies to prioritize ethics and integrity in their business practices, and for investors to remain vigilant and informed in their financial dealings.