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EM.TV Shareholders Demand $16.8M

Angry EM.TV shareholders are stating that the company should pay them DM35 million (US$16.8 million) in damages for financial mismanagement and deliberately misleading the investors. Shareholders, represented by lawyers Tilp & Kaelberer and Klaus Rotter, said they would sue EM.TV if the firm doesn't comply with their out-of-court settlement. The German children's production house has refused to discuss a settlement until an investigation by the Munich state prosecutor's office into the company's actions is completed. Adding to a string of questionable events, on Tuesday, EM.TV CEO Thomas Haffa admitted that he sold DM40 million (US$19.2 million) worth of EM.TV stock without approval [AWN 1/17/01].

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Rick DeMott
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