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Ex-Premiere CEOs taken to court
A German shareholders interest group has taken the former CEOs of German pay-TV platform Premiere to court, alleging investment fraud and insider trading.
Schutzgemeinschaft der Kapitalanleger (SdK) has brought a case against Premiere’s former CEOs Georg Kofler and Michael Börnicke in a Munich court, claiming the pair falsified subscriber numbers on two occasions.
Premiere, in which News Corp acquired a controlling stake last month, revised its subscriber numbers down in October last year, a year and a half after Kofler had sold shares worth €185m (US$250m) and announced his decision to step down after 25 years with the firm. Around the same time Börnicke sold shares worth €6m.
SdK blames claims the pair, plus other senior managers, provided false information at the time of Premiere's 2005 and its 2007 recapitalisation and also accuses them of insider trading. Kofler has reportedly rejected the allegations as "absolutely groundless."
18 May 2009
© C21 Media 2009
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