Understanding Director & Officer Liability in Germany For Dissemination of False Information: Perspectives From An Outsider
This essay deals with the topic of director & officer liability for the dissemination of false information in Germany in the form of ad-hoc disclosures. From the perspective of an American trained attorney, it is surprising to note that there is, to date, very little – quite possibly zero – real...
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| Published in | German law journal Vol. 4; no. 5; pp. 439 - 475 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
01.05.2003
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| Online Access | Get full text |
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| Summary: | This essay deals with the topic of director & officer liability for the dissemination of false information in Germany in the form of ad-hoc disclosures. From the perspective of an American trained attorney, it is surprising to note that there is, to date, very little – quite possibly zero – real personal civil liability in this area for directors & officers of publicly traded companies, however limited criminal sanctions do exist. The essay discusses the lawmaking which is underway in Germany to increase civil liability. After a review of the laws which govern the dissemination of false information, the essay reviews five German cases: Infomatec, EM.TV, Metabox, Comroad and Deutsche Telekom as examples of cases where criminal sanctions for management appear to be much more likely than civil liability. |
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| ISSN: | 2071-8322 2071-8322 |
| DOI: | 10.1017/S2071832200016138 |