In line with the Capital Market Authority's (CMA) responsibilities to protect the citizens and investors from unfair or unsound practices, and aiming to achieve fairness, efficiency and transparency in securities transactions, the CMA informs the investors and participants in the capital market that a CMA's Board resolution has been issued regarding the referral of two suspicions of violations to the Public Prosecution, according to the following:

1. The suspicion is regarding the violation of Article (49) of the Capital Market Law and Article (8) of the Market Conduct Regulations by a suspect to the Public Prosecution; where he carried out a circulating for opinions via two groups on a social media applications, for the purpose of influencing the price share of the Company, before its listing on the Parallel Market (Nomu), and his execution of a number of transactions by purchase the Company's shares after its listing, and then selling them and take advantage of the share price that increased resulting from such circulation.
2. The suspicion is regarding the violation of Article (49) of the Capital Market Law and Article (7) of the Market Conduct Regulations by a number of suspects to the Public Prosecution; for failing to make the statement regarding the fact that they acted by agreement before listing a company in the Parallel Market (Nomu) (direct listing), and provide untrue statement in the company's shares registration document regarding the actual ownership percentage available to the public, which created a false and misleading impression regarding the value of the company's security.

The CMA assures its devotion to apply the Capital Market Law and its Implementing Regulations and protect the market from illegal practices. It is worth noting that the General Secretariat of Committees for Resolution of Securities Disputes announces to the public the identities of violators on its website upon the issuance of final decisions by the Committees for Resolution of Securities Disputes regarding criminal cases. Moreover, any person affected by these violations is entitled to file a compensation claim, after conviction, against the violators before the Committee for the Resolution of Securities Disputes as per Article 57 of the Capital Market Law, provided that such claim is preceded by a complaint filed to the CMA (via this link) in this regard.