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Copenhagen, Denmark--The Danish Financial Supervisory Authority (FSA) has become the second regulatory body to criticize Pandora for waiting too long to go public with its financial woes.

Pandora announced on Tuesday that the FSA had issued a notice stating that the company “should have informed the market earlier than its company announcement ... issued on 2 August 2011” that it would not meet its forecast of 30 percent revenue growth for the full year. 

Aug. 2 also was the day Pandora announced that its CEO was resigning amid sliding sales.

Per Danish law, the FSA has handed the matter over to police there for further investigation.

The notice from the FSA follows similar reprimand from NASDAQ OMX issued on Dec. 22.

Pandora maintains that it experienced a “swift and unexpected downturn in sales” in July, with revenues down more than 30 percent, and acted promptly thereafter in adjusting its sales forecast and informing the market. The company said it has been in full compliance with all rules and regulations for public companies at all times.

“Noting that the FSA acknowledges that providing financial guidance involves significant uncertainty and involves a certain element of judgment, the company looks forward to contributing to the investigation and welcomes this opportunity for a thorough assessment of the judgment made by the company in August,” Pandora said.