Solar Millennium AG
Solar Millennium AG: Utz Claassen sues Solar Millennium for damages in the USA
Solar Millennium AG / Key word(s): Legal Matter
Corporate News Erlangen, 2 April 2012 – Solar Millennium AG's former CEO, Utz Claassen, has sued Solar Millennium and some of the subsidiaries for damages worth USD 265 million in the USA. The statement of claim states that responsible persons at Solar Millennium AG had damaged Claassen's reputation as a manager by making defamatory statements towards the public and the press after he left the Company in March 2010. As a consequence, he has apparently received no suitable offers since then. He specifically sued Solar Millennium AG, its US subsidiary Solar Millennium Inc. and Solar Trust of America LLC, in which Solar Millennium Inc. holds 70%, while the remaining 30 % are held by Ferrostaal. The action is being legally examined by the insolvency administrator Volker Böhm and the affected subsidiaries at present. The action will have no direct impact on the German insolvency proceedings. Even if Claassen's action proved successful, he would only be one of the creditors of the insolvent SMAG and would have to apply for inclusion of any damages awarded in the schedule of creditors' claims. Whether this claim would actually be recognized by the insolvency administrator would then again be legally examined according to the German law. Contact:
Solar Millennium AG
möller pr This press release constitutes neither an offer to sell nor the solicitation of an offer to buy any securities of Solar Millennium AG. The press release shall not form the basis for investment decisions regarding securities of the company. Any such investment decision of a prospective investor shall be based solely on such prospective investor's own investigations and assessments. This release contains forward-looking statements. These statements are not a description of past facts, but rather relate to expectations and opinions of Solar Millennium AG. These statements are based on current plans, assessments and forecasts of the company. Investors should not rely on these statements. Forward-looking statements must be understood in the context of the circumstances existing at the time when they were made. The company assumes no obligation to update the forward-looking statements in this release based on new information or future events. Forward-looking statements always involve risks and uncertainty. Due to a multitude of factors, actual events and actual developments may differ significantly from the forward-looking statements contained herein. This press release was originally prepared in German. The translation of this release or parts thereof is considered as a service for journalists, analysts and investors who are not able to understand German. Only the German version is legally binding. End of Corporate News 03.04.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
163739 03.04.2012 |