Kofler faces Premiere charge

By Julian Clover | May 18, 2009

Former Premiere executives Georg Kofler and Michael Börnicke face charges of investment fraud and insider trading. A Munich-based shareholder protection group (SdK) says investors were misled over the number of subscribers held by the pay-TV platform.

In February 2007 with Premiere claiming an installed base of 3.4 million, and a share price close to €17, Kofler sold shares worth €185 million and Börnicke €6 million.

It was only after the arrival of new CEO Mark Williams that in October 2008, Premiere revised its numbers downwards to 2.4 million, and its shareprice tumbled. On Friday Premiere closed on €1.87 from its 52-week low of €1.29.