The UK Financial Services Authority said Friday [today] that the Big Food Group (formerly known as Iceland Group plc) breached stock market rules when in late 2000 it failed to disclose a steep downturn in sales.
The FSA, which has been investigating the company since former chairman Malcolm Walker quit in January 2001 after selling most of his shares before a sharp profit warning, has not imposed a penalty, however.
A new management team now runs the company.
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