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Latest Satellite News Discussion, New Premiere faces legal action at General Satellite News forum; Premiere faces legal action By Robert Briel The Munich law firm CLLB has started legal action against the pay-TV operator ...

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New Premiere faces legal action - 17-April-2009, 11:50

Premiere faces legal action

By Robert Briel



The Munich law firm CLLB has started legal action against the pay-TV operator Premiere on behalf of two of its shareholders by filing complaints with the Landgericht Frankfurt.

The complaints are centred on false information about the number of paying subscribers given in the operators prospectuses of 2005 and 2007.
The companys new CEO Mark Williams corrected the subscribers figures last October. Instead of the 3 million subscribers claimed, there were actually 2,411,000 subscriptions sold.

After the discovery of the inflated subscriber numbers, the Exchange Supervisory Authority BaFin (Bundesanstalt fr Finanzdienstleistungsaufsicht) has also started to look into the matter.

We will have a routine analysis in order to determine whether evidence of violations of securities law provisions, said a person for BaFin to the German Digital Television news service.
   
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