Solar Millennium confirms potential lawsuit against ex-managers - report
Jun 27, 2013 - A spokesman for insolvent German Solar Millennium AG (ETR:S2M) confirmed that the insolvency administrator is considering a lawsuit against former company's managers, news portal IWR reported today.
German daily Sueddeutsche Zeitung (SZ) reported on Tuesday that the insolvency administrator intends to take legal steps against former managers and supervisory board members of the photovoltaic (PV) technology company due to alleged insider trading.
The administrator will thus seek damages in the triple-digit million euro amount, the daily reported.
Solar Millennium was forced to file for insolvency just before the Christmas holidays in 2011 due to delays on major projects, particularly in the US and Spain. The insolvency proceedings were initiated at the end of February 2012, when there were claims from bond holders worth more than EUR 200 million (USD 260.6m).
Since then, the insolvency administrator has managed to sell projects and company's shareholders in USA, Spain, Istael and Germany.