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Electronics Production | January 21, 2009

Wolfson fined £140,000 through FSA

The regulator FSA fined the Edinburgh-based company for the failure to disclose the contract loss from Apple in March last year. The FSA called the failure unacceptable.
The lost contract with Apple was worth an estimated $20 million in revenues for the company last year. Wolfson said yesterday that it had decided not to tell the stock market about the contract after taking advice from Makinson Cowell, its adviser on investor relations. It said that it had acted in good faith and had not intended to mislead the market.

However, the FSA accepted that the company not intentionally sought to mislead the market. This view was taken into consideration when announcing the fine.

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