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ots Ad hoc-Service: FORIS AG <DE0005775803> False Suspicions against FORIS AG

The sender is solely responsible for the contents of this
announcement.
   Berlin/ Bonn/ Munich/ New York (ots Ad hoc-Service) - The
suspicion of prohibited insider trading and price fraud was
raised yesterday against the Management Board members and Supervisory
Board Chairman of FORIS AG. The accusations led to investigations at
private residences and business premises.
As was immediately stated by those involved, the matter concerned
a false accusation. The Management Board members and Supervisory
Board Chairman have meanwhile been able to present confirmations from
their depositary banks. It is evident from these confirmations that
no shares have been purchased or sold since the initial listing of
the stock on the Neuer Markt trading segment. The affected parties
thus did not gain any personal advantage from the ad-hoc notice of 12
January 2000 regarding the positive business development, as was
alleged.
According to today's investigations at the bank which had
allegedly purchased the 597,000 shares directly from the Management
Board members and Supervisory Board Chairman, an error with serious
consequences was discovered. The bank had suspended an erroneous
client order and reported such to the Federal Office for Securities
Trading. As has now become clear, the securities identification
number was input as the number of shares. Immediately thereafter, the
bank determined the error in the buy order, cancelled the order and
sent a cancellation notice to the Federal Office.
After reviewing the investigative files, FORIS AG will decide if
it wants to proceed with its own legal claims. FORIS has here
personally experienced just how quickly unjustified accusations can
cause damage and how important the business of litigation financing
can actually be.
FORIS is assuming that the share will resume trading on Monday,
and anticipates that its course will continue along positively in
light of the rapid clarification of this matter.
Translation of the Ad-hoc Notices Dated Yesterday, 22nd June 2000
FORIS AG, Berlin, Bonn, Munich, New York
The share price of FORIS stock was suspended from trading today.
Based on a private complaint and investigations from the Federal
Supervisory Office for Securities Trading, searches were conducted
today at the residences of the Management Board members and
Supervisory Board Chairman, and at the business premises of FORIS AG.
The Management Board members and Supervisory Board Chairman are
accused of having sold to a bank a total of 597,000 FORIS shares
outside of official trading. This sale is supposed to have been
related directly to the positive corporate figures published just
before the ad-hoc notice of 12 January 2000.
The Management Board members and Supervisory Board Chairman
declare that none of this is true. The suspicion of price fraud is
untenable. None of the parties purchased or sold FORIS AG shares on
13 January 2000 or has done so thereafter. Instead, all parties are
still in possession of their share packages. This could recently be
publicly verified through the minutes of the general shareholders'
meeting of FORIS AG notarized on 26 May 2000. The parties have also
not traded any shares of FORIS AG in the interim period. The
Management Board members and Supervisory Board Chairman immediately
made all bank documents and securities deposit statements available
in the interests of the most rapid clarification possible.
Due to the holiday in North Rhine-Westphalia, the bank specified
by the investigative authorities could not be questioned regarding
its alleged share acquisition. Neither FORIS AG nor the Management
Board or Supervisory Board Chairman have any business relations with
this bank. FORIS AG currently assumes that the investigative
authorities will rapidly succeed in determining whether and, if so,
how many shares of FORIS AG were actually acquired by the bank. It
should thereby also be easy to determine from whom the shares were
acquired.
FORIS AG is currently assuming that a mistake has been made -
particularly regarding the alleged number of shares. A total of only
329,000 shares were issued within the framework of the IPO. The
alleged trade would thus have encompassed the entire issue volume and
free float of FORIS AG.
In addition, the bank would be obligated towards FORIS AG and the
Federal Supervisory Office to notify any holding in the company of
more than 50%. This has likewise not occurred.
FORIS AG will make every effort to bring about the fastest
possible resumption of the share listing and to fully clarify the
reasons for the criminal complaint.
FORIS AG, Berlin, Bonn, Munich, New York
Trading of FORIS Stock Suspended
The Management Board of FORIS AG has requested Deutsche Boerse AG
to suspend trading in the shares of FORIS AG tomorrow, 23 June 2000,
at least until the Federal Office for Securities Trading and the bank
allegedly involved confirm that the transaction concerning 597,000
shares of FORIS AG of which the Management Board members and the
Supervisory Board Chairman have been accused did not take place.
This measure is necessary to protect small shareholders, who most
likely will only be able to achieve sufficient certainty through the
anticipated confirmations that the accusations leveled against the
company and its bodies are untenable.
Due to today's holiday and the fact that many employees of the
Federal Office and the bank are on vacation between the holiday and
the weekend, no statements could be obtained from them and will
likely not be obtainable before midday tomorrow.
The Management and Supervisory Boards have meanwhile been able to
prove to the District Attorney's Office by presenting their
securities deposit statements that they have not bought or sold any
shares of FORIS AG after the company's IPO.
End of Message
232027 Jun 00
End
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