Regulators confirm investigation
BERLIN — German securities regulators confirmed Wednesday they will investigate possible insider trading after 2.8 million shares changed hands before film group Kinowelt Medien reported poor annual results in March.
Kinowelt Medien immediately released a statement saying none of the company’s major shareholders — Rainer Koelmel, Michael Koelmel, Eduard Unzeitig or their family members — sold shares at that time.
The company’s March results revealed it would not meet profit targets after earnings dropped 24% to $21 million. The investigation seeks to establish who sold the shares.