A Munich court has dismissed one of the first lawsuits seeking damages from German mega-firm EM.TV. The case, filed by private shareholders, demanded compensation for losses after EM.TV dramatically revised its projected figures in December, revealing debts of DM2.6 billion (US$1.21 billion). Upon the news EM.TV's shares dropped over 90%. The suit claimed that EM.TV withheld relevant financial information from shareholders and did not provide a fair warning about the state of the firm. Judge Elisabeth Fehlhammer ruled the law affords no protection for individual shareholders, because they are aware of the risks of investing on the stock exchange. She stated that the figures were based only on projections; therefore there was not enough evidence to support the claim. The shareholder's lawyers are appealing the ruling and examining whether it complies with European law. In other court dealings involving EM.TV, the company's former CFO Florian Haffa was cleared of charges of insider trading by the Munich department of public prosecution. EM.TV founder Thomas Haffa, who allegedly violated securities laws by giving false information on EM.TV's assets and relations, is still awaiting a court ruling on his actions.