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

Posted on by Nick
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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The Wirecard case is not done yet

Posted on by Nick
Some corporate scandals fade from the headlines faster than others. Just to refresh your memories, here’s the state of play in the Wirecard debacle. We know one thing for sure: the Wirecard case is not done yet. European Investors-VEB currently conducts a trial-case, the investors’ association having purchased one individual retail investor’s claim. The legal proceedings are founded on that sin...
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European Investors/VEB supports pilot on joint audit in attempt to enhance audit quality

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A string of high profile accounting scandals have further fueled concerns about the audit market. A structure change is needed and reviewing alternative structures is a necessary starting point. A pilot on joint audit may provide useful insights to address the current market flaws and persistent audit quality issues.    European Investors/VEB has therefore expressed its support to start pilots ...
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Implementation of Steinhoff-settlement: European Investors-VEB settlement with Deloitte

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As a result of the fraud committed at Steinhoff International Holdings N.V. ("Steinhoff"), which came to light in December 2017, investors in securities issued by Steinhoff suffered losses. The VEB has actively sought a contribution from the Dutch firm of Deloitte and its counterpart in South Africa (jointly: "Deloitte") to help compensate investors in Steinhoff securities for losses suffered as a...
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European Investors-VEB supports Steinhoff’s global settlement proposal and withdraws collective action

Posted on by Nick
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

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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 expects transparency on postponement 2019 financial statement Wirecard AG

Posted on by Nick
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?

Posted on by Nick
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

Posted on by Nick
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

Posted on by Nick
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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