(Bloomberg) -- EQT AB, Europe’s biggest listed private equity firm, is being investigated by the Swedish Financial Supervisory Authority for suspected market abuse.

The financial watchdog said it made the decision after analyzing the firm’s response around the release of information concerning a $2.7 billion share sale earlier this month, according to a statement.

On Sept. 14, the FSA asked EQT to explain why it postponed publication of inside information that was reported on Sept. 7, the statement said.

The secondary offering, Europe’s largest of the past year, has caused consternation among some investors because it broke the terms of a lock-up agreement made at the time of the initial public offering, two years ago.

EQT’s chairman said at the time the revision of the lock-up structure was an important strategic move that will improve the liquidity of the shares. The partners also pledged to reinvest 50% of the net proceeds from the release into EQT funds over the next fund cycle.

Shares fell as much as 6.4% in Stockholm following the announcement by the country’s FSA on Friday.

Read More: EQT Partners Get $2.7 Billion Payday With Early Share Sale 

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