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European Investors-VEB holds Philips liable for investor damages running into billions from the apnoea affair 

For years, Philips has withheld relevant information on failing respiratory devices from investors. Consequently investors have seen over €16 billion in stock market value evaporate. Investor association European Investors-VEB (‘VEB’) holds Philips liable for this.  Since 2015 Philips has got signals about the possibly deficient and harmful functioning of respiratory devices helping millions o...
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European Investors-VEB supports Steinhoff’s global settlement proposal and withdraws collective action

European Investors-VEB has taken note of the global settlement proposal as communicated by global retailer Steinhoff International Holdings N.V. (“Steinhoff”) in its press release dated 27 July 2020. Steinhoff’s proposal sets out, amongst others, that, without any admission of wrongdoing, an amount of 266 million euro will be made available by Steinhoff to investors that suffered damages arising o...
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European Investors – VEB questioning due diligence done by banks on Wirecard at the issue of the Notes

European Investors - VEB seeks compensation from four European banks having acted as Joint Global Coordinators or Joint Bookrunners for the significant damage the Noteholders have incurred in consequence of the banks’ deficient due diligence on Wirecard A.G. as the issuer in September 2019. Paul Koster, CEO of European Investors - VEB: “These banks should function as gatekeepers for investor...
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European Investors – VEB seek compensation for investors from Wirecard’s auditor EY in Germany

- EY, in its capacity as statutory auditor of Wirecard AG has not assumed the full width of its responsibilities and, hence has not properly fulfilled its role. - EY has played a significant role in the whole Wirecard scandal, not only from its inability to detect the flaws in Wirecard’s escrow account in former years. Moreover EY’s communication behaviours are harmful to the Wirecard shar...
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European Investors expects transparency on postponement 2019 financial statement Wirecard AG

On 25 May 2020 Wirecard postponed its presentation of the 2019 consolidated financial statement for the third time to 18 June 2020. This worry investors because Wirecard's CEO - Dr Markus Braun - stated on 3 May that EY would have 'no problem' in signing off the 2019 accounts on 4 June 2020. The reason now mentioned for the deferral; ‘not all audit procedures have yet been completed’, does not ...
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Is Airbus strong enough to sing it out without state aid?

With almost 30 billion euros in cash and a healthy order book, Airbus has survived the first part of the crisis well. The Spanish-French-German aircraft manufacturer, headquartered in Leiden, the Netherlands, does not want to hear of state aid. How long can the consortium boast this relatively comfortable position, while it has mostly operated in the aviation sector, which has been walloped in ...
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COVID-19 checklist

Alternative topics during exceptional times Message from the chairman In light of the extraordinary circumstances arisen from the global outbreak of COVID-19, many governments have taken actions to drastically restrict the free movements of people while also prohibiting the holding of public gatherings. As fully acknowledged to be a crucial measure in combatting this outbreak, we urge all comp...
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Sustainable investment funds deliver on ESG but not always on returns

The ultimate challenge for sustainable investment funds is being able to combine social, climate-related and governance issues with good returns. This European Investors’ study ranks the funds by using the individual companies’ ESG scores and included these in the overall portfolio scores on the basis of their relative allocation in the sustainable investment portfolio. The Sustainable Europe I...
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The pursuit of equity investment in SMEs

European Investors believes that EU citizens and SMEs should contribute to and benefit from well-functioning equity markets and gain of the associated economic growth. If credit or bank financing isn’t available for SMEs, market financing is an option. However, SMEs have to understand the mechanics and dynamics of capital markets to be able to navigate and leverage them. The fact that SMEs are sti...
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Update VEB/European Investors class action against VW

On 24 September 2019 the German prosecutor in Braunschweig announced proceedings against VW’s CEO Herbert Diess and the Chairman of VW’s supervisory board Hans Dieter Pötsch and former CEO Martin Winterkorn in a 636 page complaint. The investigation and prosecution concern the withholding of insider information on rigged emissions tests four years ago. A new accusation is that VW was too late i...
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