Advanced sued over rev data

New figures show $10 mil loss rather than $2.6 mil profit

By CHRISTIAN KOEHL

COLOGNE -- A group of Advanced Medien shareholders has filed a suit in a Munich court against former managers of the film-rights dealer alleging false figures. The Neuer Markt company recently corrected the figures for 1999 and 2000 after a special audit declared them faulty.

Advanced's new data, slashed 1999's sales from $30 million to $10 million, ending the year with a net loss of $10 million rather than a profit of $2.6 million.

In 2000, sales according to both versions were around $13 million, whereas the net loss was actually $21 million, lower than the $33 million originally presented.

The shareholders blame former executive Hanns-Arndt Jovy and supervisory board member Herbert Jovy for manipulation. The shareholders are represented by interest group DWS, which has also filed suits against kidvidder EM.TV after its figures dropped radically.

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