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UPDATE: Reporting on Ströer in manager magazin, issue 3/2021, found to be grossly unlawful

·4-min read
In this article:
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  • 20 assertions of fact in manager magazin’s article confirmed as incorrect by the Hamburg regional court or the publisher

  • 14 other points to be ruled upon by the court in main proceedings

  • 34 requests for correction to be pursued

  • Compensation to be pursued for the additional expense of more than EUR 1m in connection with the auditing of the annual financial statements that arose as a result of the numerous incorrect assertions of fact in manager magazin

June 11th, 2021 The numerous inaccurate assertions of fact in manager magazin, issue 3/2021, led to the auditor having to extend the scope of its audit of the annual financial statements - which was already at a very advanced stage – to include manager magazin’s incorrect assertions of fact, as required in accordance with its legal obligations. This meant that the 2020 annual financial report was not published on the Company’s website until 10.34 p.m. on March 30, 2021, which was around 15 hours later than originally intended.

In letters dated March 25, May 7, and May 14, 2021, the publisher issued a cease-and desist declaration subject to a penalty clause that covered eleven points. In two summary proceedings, the Hamburg local court prohibited further points under threat of punishment (case nos. 324 O 133/21 and 324 O 196/21). The authors have also now voluntarily agreed to comply with a prohibitory injunction in respect of 16 points in total so far. (authors’ cease-and- desist declaration dated May 14, 2021https://www.stroeer.com/fileadmin/com/Presse/Download/Unterlassungserklaerung_manager_magazin.pdf)

A prohibitory injunction in respect of 14 further assertions of fact is being pursued in main proceedings. Furthermore, the correction of 34 claims is demanded; legal action will be brought if necessary.

The additional auditing expense attributable to the reporting in manager magazin totaled more than EUR 1m. Now that the court has decided, and manager magazin itself has acknowledged, that substantial parts of the article and the accusations therein are demonstrably incorrect, the Company’s Board of Management is obliged to pursue a claim against the publisher for the loss incurred in the aforementioned seven-digit amount.

See the related statement dated April 21, 2021 -https://ir.stroeer.com/websites/stroeer/German/222/news.html?newsID=2082047

About Ströer
Ströer is a leading German out-of-home advertiser and offers advertising customers individualized and fully integrated, endto- end solutions along the entire marketing and sales value chain. Ströer is focusing on the strength of the OOH business with its “OOH+” strategy, supported by the Digital OOH & Content and Direct Media segments. With this combination, the Company is well positioned to consistently grow its customer relevance and thanks to strong market share and long-term agreements on the German market, gain an above-average share in market growth in the coming years.

The Ströer Group commercializes and operates several thousand websites in German-speaking countries in particular and operates approximately 300,000 advertising media in the out-of-home business. The portfolio includes all forms of out-ofhome media – from traditional posters and exclusive advertising rights at train stations through to digital out-of-home media. The Digital OOH & Content and Direct Media segments support the core business. With dialog marketing, Ströer can offer customers holistic performance-based solutions ranging from location or content-specific reach and interaction across the entire spectrum of dialog marketing through to transactions. Furthermore, in digital publishing, the Company publishes premium content across all digital channels, offering one of Germany’s widest reaching networks with its t-online.de and special interest sites.

The Company has around 10,000 employees at around 100 locations. In fiscal year 2020, Ströer generated revenue of EUR 1.44b. Ströer SE & Co. KGaA is listed in Deutsche Börse’s MDAX.

For more information on the Company, please visit www.stroeer.com.

Investor Relations Kontakt
Christoph Löhrke
Ströer SE & Co. KGaA
Head of Investor & Credit Relations
Ströer-Allee 1 · D-50999 Köln
Telefon: 02236 / 96 45-356
Fax: 02236 / 96 45-6356
E-Mail:ir@stroeer.de

Disclaimer

This announcement contains “forward looking statements” regarding Ströer SE & Co. KGaA (“Ströer”) or the Ströer Group, including opinions, estimates and projections regarding Ströer’s or the Ströer Group’s financial position, business strategy, plans and objectives of management and future operations. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Ströer or the Ströer Group to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this announcement and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, express or implied, is made by Ströer with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this announcement is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning Ströer or the Ströer Group. Ströer undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise.

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