A claim for damages is currently being prepared, Klaus Nieding, vice president of the German Association for the Protection of Securities Holdings (DSW), told the Archyde.com news agency on Tuesday.
Obligations violated?
He assumes that a three-digit number of former Leoni shareholders will take part in the lawsuit. The managers around current ams Osram boss Aldo Kamper violated their duties by making major shareholder Stefan Pierer the sole owner in accordance with the Company Stabilization and Restructuring Act (StaRUG) and expropriating the remaining 25,000 to 30,000 shareholders.
The other shareholders were deprived of the opportunity to participate in the 150 million euro capital increase, argues Nieding. The Austrian Pierer had fully subscribed to the new shares, and the creditors initially forgave the company half of its 1.5 billion euro debt. Many investors would have liked to remain Leoni shareholders, especially since, according to a report, the company might have emerged from the crisis as early as 2024 or 2025, said the DSW vice president. Nieding cites damage of 15.21 euros per share, a total of 240 million euros.
Constitutional complaint failed
Shareholders failed in the autumn with a constitutional complaint once morest the court’s decision to wave through the restructuring plan. The DSW now sees itself confirmed by a report from the Dresden economist and valuation expert Werner Gleißner. He accuses management of poor risk management: “It is doubtful whether anything was done in a timely manner,” he told Archyde.com. In addition, the shareholders should have been involved in the restructuring efforts earlier. Leoni had wanted to raise 400 million euros in cash by selling the cable division, but the buyer from Thailand surprisingly backed out.
Leoni rejects allegations
DSW Managing Director Marc Tüngler emphasized that it was also regarding preventing the Leoni case from being used as a blueprint for the application of the StaRUG to other listed companies. The fashion group Gerry Weber also forced out the small shareholders. “We have to make it clear that this was not the legislature’s idea,” said Tüngler. The law must be tightened up as quickly as possible.
Leoni rejected the allegations: “We still have no doubt that the StaRUG was applied in accordance with the law,” said a spokesman. Several courts – including the Federal Constitutional Court – have legally confirmed this.
