DECEMBER 5, 2000
Now EM.TV faces the threat of legal action
THOMAS HAFFA's EM.TV - or at the least the remains of it - is being threatened with legal action by some of its smaller investors who have lost large sums of money because of the company's collapsing share price in recent weeks.
In an effort to stop the sliding share price the company announced the appointment of a new chief financial officer and a few days ago he announced that the company was slashing its earnings predictions by 90% for the year. This caused a complete collapse of investor confidence in the company and the resignation of Thomas Haffa's brother Florian who had been responsible for the earlier figures.
There is now pressure in Frankfurt for there to be more regulation on the Neuer Markt exchange to stop similar disasters happening again and small shareholders who have lost everything are deciding whether or not to pursue the Haffa Brothers to try to get some of their money back.