Gigaset AG learned today that the administrator appointed for Sommer Road Cargo Solutions GmbH & Co. KG (“Sommer”) has filed a lawsuit against Gigaset AG and its former Executive Board member Dr. Martin Vorderwülbecke, claiming payment of 3 million euros from the defendants as joint and several debtors.
Sommer Road Cargo Solutions GmbH & Co. KG was an affiliate of ARQUES Industries AG from October 2005 to March 2009. Insolvency proceedings were instigated against Sommer on December 31, 2009. After changing its business model in 2010, ARQUES Industries AG today operates under the name Gigaset AG.
The plaintiff claims that in 2007 ARQUES Industries AG, at the time the parent company of the Sommer Group, unlawfully demanded repayment of a loan from Sommer and as such violated, inter alia, the equity maintenance rules applicable at that point in time. Sommer had consequently incurred damage, for which the Gigaset together with Dr. Vorderwülbecke, its Managing Director and member of the Executive Board at the time, beared joint and several liability.
Following a preliminary examination of the statement of claim, the Executive Board of Gigaset AG believes that the facts and circumstances therein have not been presented fully and accurately and that the legal action is therefore unfounded. Moreover, the claims are believed to be time-barred, since they essentially date back to 2007. Gigaset AG will therefore contest the lawsuit.
Contrary to all other standard practice, the lawsuit was not preceded by any out-of-court correspondence or dispute.
Gigaset AG, Munich, is an internationally operating company in the area of communications technology. The company is Europe's market leader in DECT telephones. The premium supplier ranks second worldwide with around 1,700 employees and a market presence in more than 70 countries.
Gigaset AG is listed on the Prime Standard of Deutsche Börse and so is subject to the very highest requirements for transparency. Its shares are traded on the Frankfurt Stock Exchange under the symbol ‘GGS’ (ISIN: DE0005156004).
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