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Text Content

 * Home
 * Impressum
 * Datenschutz / Privacy notice



   
 * STEINHOFF INTERNATIONAL
   HOLDINGS N.V.
   Steinhoff Accounting Scandal
   Information About Steinhoff
   Shareholder Class Actions
   STEINHOFF INTERNATIONAL HOLDINGS N.V.
   Steinhoff Accounting Scandal
   Information About Steinhoff
   Shareholder Class Actions






REGISTER NOW!

REGISTER FOR YOUR COST FREE CLAIM ASSESSMENT
EXPLORE YOUR OPTIONS
PROTECT YOUR RIGHTS
RECOVER YOUR LOSSES

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Your Email*


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object to the processing of my data.






TILP INFORMS:


"STEINHOFF ACCOUNTING FRAUD":
RECENT DEVELOPMENTS AND HOW TO PROCEED AS AN INVESTOR

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UPDATE, 06.04.2020 — Settlement negotiations

The settlement negotiations are ongoing. We ask you for your understanding that
we do not share any further information at this time.

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UPDATE, 06.12.2019 — Due to settlement negotiations: Higher Regional Court of
Frankfurt orders to stay the Model Case proceedings

The Higher Regional Court of Frankfurt has ordered that the Capital Markets
Model Case proceedings against Steinhoff International Holdings N.V. be stayed
due to the pendency of settlement negotiations. The parties, the Model Case
Plaintiff (represented by TILP) and the Model Case Defendant, Steinhoff
International Holdings N.V., have both petitioned that the court orders to stay
the proceedings due to the pendency of settlement negotiations. Before this
background, the oral hearing in the Model Case, which originally had been set to
take place on December 18, 2019, has been canceled by the Higher Regional Court
of Frankfurt. We ask you for your understanding that we cannot not provide any
further information at this time.

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Steinhoff International Holdings NV (hereinafter referred to as Steinhoff)
informed the capital market on the evening of December 5, 2017, by means of an
ad-hoc announcement, of accounting irregularities in the course of the
preparation of annual financial statements and of the subsequent resignation of
CEO Markus Jooste, resulting in a dramatic decline in the Steinhoff share price.
While Steinhoff continues to work with external auditors to conclude the 2017
financial statements, the 2016 consolidated financial statements of the Company
will need to be restated and can no longer be relied upon. Due to the
restatements, the 2016 and 2015 financial statements of Steinhoff International
Holdings Proprietary Limited can no longer be relied upon. At this time, the
extent of the accounting irregularities can not be quantified in numbers,
nevertheless, there is no doubt that the balance sheets contain significant
errors.

Auditors are currently examining the facts in order to be able to draw a precise
picture of the financial situation as soon as possible, and a final report is
pending. However, it has already become apparent that false accounting took
place in a significant manner, as can be seen in the Steinhoff International
Holdings N.V. 2018 semi-annual financial report, which reports a balance sheet
adjustment of more than € 10 billion.

WHAT DOES THIS MEAN FOR YOU AS AN INVESTOR?

It is our legal conclusion that Steinhoff is liable to investors for damages
suffered due to incomplete capital market communication and false financial
reporting. Depending on each financial instrument and time period, there are
different legal approaches and recovery opportunities available. The
transactional data is the decisive factor when it comes to choosing the path
that is right for you. We recommend that investors send us their transaction
data for a cost free analysis. Investors, shareholders and bondholders, should
then take our analysis and options for action into consideration to carefully
decide what to do.

Based on the facts and circumstances known at this time, it is our legal opinion
that those shareholders who own Steinhoff International Holdings N.V. (ISIN:
NL0011375019) purchased between December 7, 2015 and December 5, 2017 have very
good prospects for success. In addition, those shareholders that have acquired
SIHL shares between June 26, 2013 and December 6, 2015 also have a positive
chance of recovering damages for this time period.

--------------------------------------------------------------------------------

HOW TO PURSUE CLAIMS FOR DAMAGES?

Our law firm filed a lawsuit against Steinhoff on December 19, 2017 on behalf of
an aggrieved shareholder. We have concurrently filed a petition requesting a
lawsuit under the Capital Markets Model Case Act (KapMuG), setting the course
early on for Steinhoff to go to trial before the Higher Regional Court of
Frankfurt. The KapMuG proceedings offer aggrieved shareholders and bondholders
the opportunity to jointly litigate their claims before the Higher Regional
Court in one and the same case, and to have that court clarify the crucial
factual and legal issues for all of the investors. In this respect, the KapMuG
procedure is somewhat comparable to a class action. Investors can base various
claims on several legal grounds pursuant to German as well as Dutch law, both of
which provide grounds for relief due to the incorrect financial reports. While
the legal measures that can be taken depend on a number of variables, such as
purchase date and type of financial instrument, we would like to stress that not
only investors who purchased on the Frankfurt Stock Exchange (FSE) but also
those who purchased on the Johannesburg Stock Exchange (JSE) are encouraged to
submit transaction data for analysis.

While it is to be expected that key issues on liability will be resolved for
investors in Germany through the model case procedure under the KapMuG, TILP is
also active on a cross-border level in order to provide all affected investors
with optimal positions for recovery. TILP therefore cooperates with law firms
and experts from several countries, in particular the USA, the Netherlands and
South Africa. As part of this, the cooperating lawyers of LHL Attorneys Inc.
have filed a request for certification for a class action lawsuit with the High
Court in Johannesburg, South Africa, and TILP continues to assist its South
African colleagues with this proceeding. The South African class action lawsuit
was initiated on August 8, 2018 and is directed against Steinhoff International
Holdings N.V., banks, auditors and former board members and supervisory board
members of Steinhoff.

Together with further international experts such as the Dutch firm Bynkershoek
Dispute Resolution, and with the backing of an initiative of institutional
investors through the Foundation Steinhoff International Compensation Claims,
TILP forms part of this joint and global loss recovery effort for aggrieved
investors.

--------------------------------------------------------------------------------

WHAT SPECIFIC STEPS CAN YOU TAKE NEXT?

TILP can provide you with an individualized damage assessment and recommendation
on how to proceed with your claims. In order to do this, we ask that you send us
all documentation relevant to your investment purchases. Once we have assessed
your documents, we will provide you with a calculation of your potential
damages, along with our recommendation and further available options on what
measures can be taken. Of course, we also inform you of what costs are
associated with each potential course of action.

This service is free of charge.


YOUR CONTACTS AT TILP

--------------------------------------------------------------------------------



MARVIN KEWE

Rechtsanwalt | Fachanwalt für Bank-
und Kapitalmarktrecht

<b>+49 7121 90909 30</b>

--------------------------------------------------------------------------------

steinhoff-sammelklage@tilp.de


AXEL WEGNER

Rechtsanwalt



<b>+49 7121 90909 30</b>

--------------------------------------------------------------------------------

steinhoff-sammelklage@tilp.de

OUR
PREVIOUS
POSTS
06.12.17 — Current reporting on the case "Steinhoff accounting fraud"

On December 5, 2017 at 9:44 p.m. Central European Time Steinhoff International
Holdings N.V. (Steinhoff) published an ad-hoc announcement that shook the
capital market. According to the announcement, the Steinhoff Supervisory Board
received new evidence of accounting irregularities, which would need to be
further investigated. Therefore, publication of the balance sheet has been
postponed indefinitely. CEO Markus Jooste officially resigned from his position
as CEO on Tuesday the 5th of December.

This announcement was met by the capital market with a significant drop in
Steinhoff share prices to as low as 80%, causing a loss of billions within only
a few days.

Steinhoff has previously faced speculation of balance sheet manipulation and
questionable business practices. For example, the second largest European
furniture company was said to have left its shareholders in the dark regarding
rather large shifts among affiliates. Steinhoff however, has persistently denied
these allegations.

In August of this year, Manager Magazin reported that the public prosecutors
office in Oldenburg was conducting an investigation into the chairman of the
furniture manufacturer as well into other persons of interest on the suspicion
of accounting fraud.

Based on this report, Steinhoff published an ad-hoc announcement on August 24,
2017, denying the allegations made in the article by stating that the essential
facts in the article were either wrong or misleading.

On September 18, 2017, Steinhoff informed the capital market by means of an
ad-hoc announcement, of an action concerning accounting irregularities brought
before the Commercial Court of Amsterdam. Steinhoff however, maintained its
confidence that the lawsuit would be dismissed. On November 8, 2017 Steinhoff
responded once again to a news report, this time from Reuters, stating in a
press release that all accounting between GT Branding Holding and Steinhoff is
done properly and according to IFRS rules.

Due to this history of denying accounting irregularity allegations, the news of
the company’s irregularities in their balance sheets was met with even greater
surprise by the capital market.

"In our legal opinion, Steinhoff could be held liable for substantial damages
ranging in the billions due to false capital market information," states Marc
Schiefer, Managing Director and attorney of the TILP Litigation
Rechtsanwaltsgesellschaft mbH.

"If these allegations prove true, the company could also face prospectus
liability for errors and omissions in their prospectus, in addition to the
violation of ad hoc obligations under Art. 17 MAR,” continued Schiefer.

"In the present case then, we assume that potentially every Steinhoff
shareholder can bring claims for damages, at least as of December 2015.
Aggrieved investors, shareholders as well as bondholders, have the opportunity
to extensively recover damages sustained due to these revelations, “adds TILP
Litigation attorney Maximilian Weiss.

Investors from Germany and abroad have already made contact with TILP attorneys
regarding their losses. As further evidence supporting the allegations becomes
known, TILP recommends the aggrieved investors to take swift legal action
against those responsible.

06.12.17 — Next Steps

TILP has already been commissioned to examine the factual and legal situation.
TILP will address potential claims for damages from private as well as
institutional investors that have invested in stocks and other financial
instruments of Steinhoff International Holdings N.V.TILP is currently examining
the case facts such as published capital market information as well as company’s
operating figures.

After completion of a thorough analysis, TILP will be able to contact clients
with specific course of action. In order to receive further information from
TILP, we ask that you please register your contact information using the form
provided below. There is no cost obligation associated with this registration of
your contact information.




TILP Rechtsanwaltsgesellschaft mbH
Einhornstraße 21
72138 Kirchentellinsfurt

Telefon: +49.7121.90909.30
Telefax: +49.7121.90909.81

E-Mail: steinhoff-sammelklage@tilp.de
Internet: www.tilp.de

Impressum
Datenschutz / Privacy Notice
TILP Rechtsanwälte | 2017
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