Eco-light bulb maker Energy Mad has been fined $30,000 plus costs for breaching NZX disclosure rules.
The New Zealand Markets Disciplinary Tribunal has approved the settlement after an agreement between Energy Mad and the stock exchange operator.
The breach of disclosure rules happened in December 2011, two months after Energy Mad listed.
There were production and dispatch delays at its Chinese factory where its lightbulbs are manufactured, meaning Energy Mad could not achieve $1.5 million of the $3.5 million operating profit forecast in its float documents.
Energy Mad believed it would be able to make up this shortfall through other revenue streams, and the board believed at the time it was appropriate not to disclose this information.
However the NZX's regulatory arm says that these alternative streams were not guaranteed and that the company had information which should have been disclosed.
The company disclosed the downgrade in its forecast a month later, after the other revenue streams did not materialise, which caused its shareprice to drop more than a fifth.
The Tribunal found that Energy Mad's breach was not deliberate and that it co-operated fully and promptly with the investigation.
Energy Mad says it accepts the NZX view that it should have disclosed the delays in China.