×
You will be redirected back to your article in seconds

EM.TV shareholder suit dismissed

Case launched after kidvidder revised projected loss

LONDON — One of the first cases seeking damages from German kidvidder EM.TV was dismissed by a Munich court Thursday.

Case was launched by one of the thousands of private shareholders demanding compensation for losses after EM.TV drastically revised its projected figures in December, revealing debts of DM2.6 billion ($1.21 billion). The news caused share prices to fall by some 90%.

In Thursday’s test case, an unnamed shareholder sought to recoup $2,400 lost in the wake of the announcement. Similar cases have been filed seeking damages that total millions of marks, based on the claim that EM.TV withheld relevant financial information from shareholders and didn’t provide a timely warning about the state of the company.

Judge Elisabeth Fehlhammer ruled the law provides no protection for individual shareholders and they are aware of the risks they are taking on the stock exchange. She declared that as the figures were based only on projections, there was not enough evidence to support the claim.

Under German law, listed companies have to issue truthful statements, but no private shareholder has been successful in seeking compensation in Germany over the presentation of false information.

The shareholder’s legal advisers are appealing the ruling and examining whether it complies with European law.

Separately, EM.TV’s former chief financial officer Florian Haffa was cleared of charges of insider trading Thursday by the Munich department of public prosecution. Still pending is a ruling on EM.TV founder Thomas Haffa, who allegedly violated securities laws by giving false information on EM.TV’s assets and relations. An announcement is expected shortly. Latter exec is ankling as CEO, effective in September.

More TV

  • Bohemian Rhapsody

    'Bohemian Rhapsody,' 'Marvelous Mrs. Maisel' Among Cinema Audio Society Winners

    Queen biopic “Bohemian Rhapsody” won the Cinema Audio Society’s top prize for sound mixing at Saturday night’s 55th annual CAS Awards. The film is Oscar-nominated for sound mixing this year along with “Black Panther,” “First Man,” “Roma” and “A Star Is Born.” In a surprise over heavy-hitters “Incredibles 2” and “Spider-Man: Into the Spider-Verse,” Wes [...]

  • Marvelous Mrs Maisel Vice

    'Vice,' 'The Marvelous Mrs. Maisel' Lead Make-Up and Hair Stylists Guild Awards Winners

    Adam McKay’s Dick Cheney biopic “Vice,” starring Oscar nominees Christian Bale, Amy Adams and Sam Rockwell, won two awards at the sixth annual Make-Up and Hair Stylists Guild Awards Saturday night. The film won for best period and/or character makeup as well as special makeup effects. “Mary Queen of Scots” received the prize for period [...]

  • Jussie Smollett Good Morning America

    Jussie Smollett Angrily Denies Complicity in Attack

    Attorneys for “Empire” actor Jussie Smollett issued a statement Saturday denying that he orchestrated his Jan. 29 assault, and saying he is “angered” and “devastated” by recent developments in the case. Chicago police want to interview Smollett, after learning new evidence from two Nigerian brothers who were released on Friday night. Local media outlets have [...]

  • Jussie Smollett Empire

    Chicago Police Want to Talk to Jussie Smollett as New Evidence Emerges

    Chicago police are seeking to re-interview “Empire” actor Jussie Smollett, after new evidence emerged in his alleged assault. Smollett has claimed that two men attacked him at 2 a.m. on Jan. 29, yelled racial and homophobic slurs, poured bleach on him, and put a noose around his neck. The Chicago Police Department has consistently said [...]

  • Five Takes on Canal Plus, Federation’s

    Just Days Left to Catch Canal Plus’ ‘The Bureau’ on MyFFF

    The most lauded of titles on this year’s MyFrenchFilmFestival, UniFrance’s online showcase featured by over 50 OTT services around the world, may not be a film but a drama series. With four seasons aired, and a milestone in world sales on a French TV show, slow-boiling espionage series ‘Le Bureau des légendes’ (“The Bureau”) is [...]

  • Walt Disney Archives Founder Dave Smith

    Walt Disney Archives Founder Dave Smith Dies at 78

    Walt Disney Archives founder Dave Smith, the historian who spent 40 years cataloging and preserving the company’s legacy of entertainment and innovation, died Friday in Burbank, Calif. He was 78. Smith served as Disney’s chief archivist from 1970 to 2010. He was named a Disney Legend in 2007 and served as a consultant to the [...]

More From Our Brands

Access exclusive content