{"id":16710,"date":"2023-01-25T19:58:26","date_gmt":"2023-01-25T18:58:26","guid":{"rendered":"https:\/\/melo.no\/?p=16710"},"modified":"2023-09-27T11:50:16","modified_gmt":"2023-09-27T09:50:16","slug":"styremedlemmer-frifunnet-for-erstatningskrav-fra-investorer","status":"publish","type":"post","link":"https:\/\/melo.no\/en\/juridisk-innsikt\/selskapsrett\/styremedlemmer-frifunnet-for-erstatningskrav-fra-investorer\/","title":{"rendered":"Board members acquitted of damages claim brought by investors"},"content":{"rendered":"
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The primary purpose of Spiro Medical AS was to further develop and commercialise a product designed for the diagnosis and treatment of various sleep disorders. In a private share capital increase conducted in 2014, several investors subscribed for shares in the company. However, the completion and commercial launch of Spiro\u2019s product were delayed, and bankruptcy proceedings were opened in 2017.<\/p>\n

The question before the Supreme Court was whether the company\u2019s board members were liable in damages for losses that the investors claimed to have suffered as a result of incorrect or misleading information provided in connection with the share issue.<\/p>\n

The Supreme Court found that the information provided by the board members regarding factual matters was, for the most part, accurate. However, the board had failed to ensure that the product underwent sufficient testing. This failure was attributable to an error of judgment. Nevertheless, the Court concluded that the board members could not be blamed to a sufficient degree to justify liability. The Court held that the investors themselves had to bear the risk that their expectations regarding the future development of the company were not realised. The investors were professional investors and were aware that the development of the product involved significant technical risks.<\/p>\n

The Supreme Court emphasised that factual information included in the information provided to investors must be accurate. However, for board members to incur liability for inaccurate information, the matter in question must, when assessed in the context of all information provided, be of material significance to the evaluation of the company. The threshold for imposing liability based on statements or assumptions concerning future developments is high. Professional investors are expected to review and assess the information they receive, and the threshold for imposing liability is therefore higher than it would be where the investor is a consumer.<\/p>\n

The judgment provides guidance on the legal standard governing directors\u2019 liability in connection with share capital increases.<\/p>\n

Source: Supreme Court<\/a><\/p>\n

Other article you may like: Three board members acquitted of directors\u2019 liability by the Supreme Court<\/a><\/p>\n

Other article you may like: Liability of majority shareholders in a private limited company<\/a><\/p>\n

Other article you may like: Directors\u2019 liability under the Norwegian Companies Act<\/a><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n\n\t

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\"Atle

Atle Mel\u00f8<\/h4>
Partner<\/div>

amelo@melo.no
\n+47 951 80 979<\/p><\/div>\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\t\t

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Any questions regarding directors' liability?<\/h2>
<\/div><\/div>Send us a non-binding inquiry<\/span><\/i><\/a>\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n\n\t
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\n\t\t\t\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>","protected":false},"excerpt":{"rendered":"Selskapet Spiro Medical AS hadde som hovedform\u00e5l \u00e5 videreutvikle og selge et produkt som kunne benyttes til \u00e5 utrede og behandle ulike s\u00f8vnforstyrrelser. I en rettet aksjekapitalutvidelse i 2014 tegnet...","protected":false},"author":188,"featured_media":16711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_analytify_skip_tracking":false,"footnotes":""},"categories":[39],"tags":[],"class_list":{"0":"post-16710","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-selskapsrett"},"yoast_head":"\nStyremedlemmer frifunnet for erstatningskrav fra investorer<\/title>\n<meta name=\"description\" content=\"Dommen gir veiledning for fastlegging av normen som gjelder styremedlemmers erstatningsansvar ved aksjekapitalutvidelser.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/melo.no\/en\/juridisk-innsikt\/selskapsrett\/styremedlemmer-frifunnet-for-erstatningskrav-fra-investorer\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Atle Mel\u00f8\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/melo.no\/juridisk-innsikt\/selskapsrett\/styremedlemmer-frifunnet-for-erstatningskrav-fra-investorer\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/melo.no\/juridisk-innsikt\/selskapsrett\/styremedlemmer-frifunnet-for-erstatningskrav-fra-investorer\/\"},\"author\":{\"name\":\"Atle Mel\u00f8\",\"@id\":\"https:\/\/melono.wpengine.com\/#\/schema\/person\/351ddaec8ea5c2caca44f44a288d6693\"},\"headline\":\"Styremedlemmer frifunnet for erstatningskrav fra 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