Preparation of a lawsuit against Meyer Burger and current and former board members. Shareholders face total loss.

Preparation of a lawsuit against Meyer Burger and current and former board members. Shareholders face total loss.

Meyer Burger Technology AG (MBT) has repeatedly misinformed the public and its shareholders. In addition, MBT has repeatedly breached its duty to publish ad hoc announcements. This has caused considerable damage to the numerous shareholders. Due to the various insolvencies of the German and American subsidiaries, a total loss is looming.

Last Friday it was announced that Franz Richter had been appointed by the Oberland Regional Court as the sole member of the Board of Directors. The court had to take action because MBT failed to hold a general meeting. Andreas Herzog has resigned from the Board of Directors. This means that MBT no longer has a Board of Directors resident in Switzerland.

MBT has repeatedly misinformed the public and its own shareholders in the past. This applies in particular to the technical performance of its own modules and the associated roadmap, as well as the modalities of the purchase agreement with DESRI (see also previous publications by SASV on MBT). Investors have provided MBT with capital, in particular due to the claimed technical superiority and the purchase agreement with DESRI for the modules produced in the USA. In recent years, MBT has raised over one billion Swiss francs in equity and debt capital. At times, its market capitalisation even exceeded two billion Swiss francs. As both the technological roadmap was missed by a wide margin and DESRI's purchase agreement was cancelled, the German and American subsidiaries have already had to file for insolvency. As a result, a total loss is foreseeable for shareholders.

Furthermore, it can be assumed that the inventory of finished modules was overvalued in the last annual financial statements. The finished modules could not be sold for a long time and it can therefore be assumed that relevant sales were only made at significantly lower prices than recognised.

MBT has also repeatedly breached the ad hoc obligation. Most recently, it failed to provide timely information about the discontinuation of production at the Goodyear site. Employees reported on MBT's decision in the US media before the market was informed in an ad hoc announcement. Here too, market participants were harmed as a result of the breach. 

SASV has documented the violations and is preparing a lawsuit on behalf of the aggrieved shareholders. It is planned to finalise the statement of claim after publication of the annual financial statements and the Annual General Meeting.

In this context, the SASV is also planning to take action against current and former members of MBT's governing bodies, as it can be assumed that they acted wilfully. As part of a litigation financing programme, aggrieved shareholders will also be able to participate in legal action without financial risk. Interested former and current shareholders can register using the following form to receive further information in the future.

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