webfreeTV - Revocation of Listing at the Vienna Stock Exchange
webfreeTV.com, the multimedia service provider from Burgenland is being excluded from the Vienna Stock Exchange as of October 31 because of repeated violation of disclosure requirements.
On Tuesday, the Vienna Stock Exchange announced the withdrawal of the approval for the company to regulated OTC operations on the Vienna Stock Exchange as of October 31.
The papers of webfreeTV.com are already suspended from trading since May and will remain so until the end of October.
Reason for the revocation is the repeated violation of disclosure obligations pursuant to the Stock Exchange Act, among others in connection with the publication of annual financial reports.
The Financial Market Authority (FMA) has already filed several procedures against the financially troubled company for alleged violation of the disclosure requirements.
In addition, the State Prosecution has several former members of the board in its sights. Three managers who are covered by the presumption of innocence, are under investigation for suspicion of gross negligence, damage to creditors' interests, fraud and fraudulent bankruptcy.