Sonova reaches out-of-court settlement with investors

Staefa (Switzerland), (PresseBox) - Sonova Holding AG announces today an out-of-court settlement with investors represented by Deminor. This settlement relates to purported claims raised by these investors in connection with the profit warning on March 16, 2011. Under the terms of the agreement, Sonova will pay CHF 2.6 million in full settlement of all alleged claims without acknowledging any legal obligation.

Back in March of this year, Sonova Holding AG informed that it had been served with summons to pay in the amount of approximately CHF 26 million by investors. The investors were represented by Deminor SCRL / CVBA, a Belgian company which supported them with their damage claims in connection with the late profit warning in March 2011. On July 10, 2012, the Sanction Commission of the SIX Swiss Exchange announced its ruling that the profit warning should have been published already on March 4, 2011. The parties reached an out-of-court settlement on the basis of a payment of an amount of CHF 2.6 million.

Disclaimer

This Media Release may contain forward-looking statements which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside the company’s control.

Sonova Holding AG

Sonova Holding AG, headquartered in Staefa, Switzerland, is the leading manufacturer of innovative hearing care solutions. The group operates through its three core business brands Phonak, Unitron, Advanced Bionics. Sonova develops and distributes advanced hearing care solutions such as hearing instruments, cochlear implants, wireless communication systems for audiological applications as well as professional solutions for hearing protection. With the most extensive product portfolio and the highest R&D investment in the industry, Sonova aims to be the recognized innovation leader in the global hearing care market. Present across the globe in over 90 countries, and with a workforce of over 8,000 dedicated employees, Sonova generated sales of CHF 1,62 billion in the financial year 2011/12 and a net profit of CHF 246 million. A focused corporate strategy drives Sonova sustainably further in a growing and still significantly under-penetrated market. Founded in 1947, the company has been devoted to promoting better understanding and communication for over 65 years, thus considerably improving people's hearing ability and speech intelligibility and thereby their quality of life.

For more information please visit www.sonova.com.

Press releases you might also be interested in

Subscribe for news

The subscribtion service of the PresseBox informs you about press information of a certain topic by your choice at a choosen time. Please enter your email address to receive the email with the press releases.

An error occurred!

Thank you! You will receive a confirmation email within a few minutes.


I want to subscribe to the gratis press mail and have read and accepted the conditions.