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

·2-min read
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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