Court nixes EM.TV suit
Move marks third time courts have rebuffed shareholder lawsuits
This is the third time courts have rebuffed lawsuits from shareholders who accuse Haffa of misrepresenting the company's true financial state, therefore holding him responsible for EM.TV's stock plummet. The one-time Neuer Markt wonder saw its share price plunge 90% in December 2000.
The court has yet to give its reasons for the latest dismissal but lawyers representing the unnamed shareholder said they were reviewing the decision and are considering an appeal.
Last year Munich courts threw out two similar lawsuits, and both have lodged an appeal.
While additional lawsuits against EM.TV are pending, Haffa and his brother Florian, EM.TV's former chief financial officer, are facing criminal charges from German prosecutors for allegedly making false statements and manipulating the company's share price. The former execs have denied the charges.
