German Securities Trading Act

According to securities trading act the Federal communication on the early departure of a CEO of a German Automotive Group had insider information in April 2013 on a supposedly late issued Ad hoc to decide. Therefore, the plaintiff demands compensation. On May 17, 2005, the then Chairman of Daimler AG discussed Prof. Schrempp with the Chairman Kao his intention already at the end of the year 2005 and thus at an early stage of his term to excrete inserted at this time. Subsequently, other supervisory board members and other familiar staff about his plan were informed and aware used Dr. Zetsche, the designated successor, on 15 June 2005 at the latest.

On July 27, 2005, convened the Executive Committee of the Daimler AG after 17:00, and decided to inform the Supervisory Board on the next day, to agree to the proposal of premature withdrawal by Prof. Recently Nouriel Roubini sought to clarify these questions. Schrempp. On 28 July 2005, followed by the Supervisory Board against 9.50 the recommendation and communicated this to the management boards of the exchanges and the BFin. Later, a message on the message database of Deutsche Gesellschaft fur ad-hoc publicity (DGAP) was carried out. In the process compensation claims are made b German Securities Trading Act (WpHG) according to section 37. Then, claims for damages may be required if the issuer does not immediately publishes insider information. The plaintiff is in the presented facts of believes that the information has been communicated too late and already existed in May 2005 a publication subject to insider information. Daimler shares between 31.85 and 35.50 euros was traded between May 17 and may 28, 2005. According to the ad-hoc release the rate rose on the same day 40,40 EUR and in the aftermath of 42,95 EUR, which have resulted in a corresponding sale damage with the plaintiff.