Deutsche Boerse Fines 10 Firms For Filing Financial Data Late
By Alfred Kueppers
Staff Reporter of The Wall Street Journal
FRANKFURT -- Deutsche Boerse AG fined 10 Neuer Markt companies that failed to submit their year 2000 financial results by the March 31 deadline.
The fines ranged from 10,000 euros to 50,000 euros ($8,565 to $42,825), depending on the length of the delay. The Deutsche Boerse also said on its Web site that it decided not to fine eight companies that submitted their results by April 5, a three-trading-day extension.
The Deutsche Boerse's campaign is part of an effort to restore credibility to the Neuer Markt, which it operates. Some of the small media and technology companies that make up the exchange, such as EM.TV & Merchandising AG and Intershop Communications AG, are under investigation for allegedly violating the exchange's rules requiring prompt reporting of market-sensitive information.
Some of the fined companies fell sharply in light trading Thursday. Integra SA and MME, Me Myself & Eye Entertainment AG shares fell more than 4% by midafternoon. Both were fined 10,000 euros. Others, such as ADVA AG rose slightly. ADVA was fined 50,000 euros after submitting its records 18 days late.
The Deutsche Boerse may still fine EM.TV & Merchandising, Sunburst Merchandising AG, Softmatic AG and seven others companies.
The total amount of the fines is 270,000 euros. MME, Integra, SCM Microsystems Inc., Carrier 1 International SA, were fined 10,000 euros. Kinowelt Medien AG was fined 18,000 euros, InfoGenie Europe AG 22,000 euros, Bauerer AG 40,000 euros, ADVA, ArtStor AG, Prodacta AG 50,000 euros.
Deutsche Boerse spokesman Walter Allwicher said the fines must be paid immediately.
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