In the process for third offering of Deutsche Telekom 2000, the Federal Court has detected a fatal error in the prospectus. Small investors get now perhaps damages.
The case against the German Telekom , retail investors may, after a decision by the Federal continue to hope for damages
The Supreme Court quash the decision of the Higher Regional Court of Frankfurt to statements on Thursday in a central spot on. The Telekom have investors in relation to an intra-group transfer of shares of the US telecommunications company Sprint misled . Was not evident from the prospectus Even for a balance knowledgeable investors that the telecom despite transfer of shares within the group wore the full risk of a price loss of Sprint papers, criticized the judge.
The prospectus for the IPO was so wrong. In the Prospectus companies to prospective investors information concerning their stores as part of a planned IPO.
claim for damages remains unclear
The Federal Court lifted so that the appeal of the Deutsche Telekom shareholders towards the decision of the lower court in a central point. The Supreme Court remanded the test cases to around 80 million euros in damages for a new trial and decision of the Higher Regional Court of Frankfurt. Open remains whether the Telekom is actually required to pay damages resulting from the determined prospectus error.
This was confirmed by the Federal Court, however, the assessment of the lower court that the value of the property of Telekom prospectus has not been significantly overestimated.
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80 million euros in the fire
Good 16,000 retail investors demand from the telecom a total of 80 million euros in damages – money they had lost with the former “ people share ” about ten years ago. In the process of the case of a Swabian pensioner was exemplarily clarified that claimed 1.2 million euros
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The third IPO oversubscribed shares were in the summer of 2000 at a price of 63 been issued 50 euros mainly to retail investors. The price then crashed and never again reached its old level - he is now about 13 euro. Especially to small private investors but the stock with actor Manfred Krug had been advertised as a popular figure as a secure investment.
The Telekom has always stressed the legality of the Prospectus.
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