DGAP-News: Solar Millennium AG: Utz Claassen sues Solar Millennium for damages in the USA

DGAP-News: Solar Millennium AG / Key word(s): Legal Matter
Solar Millennium AG: Utz Claassen sues Solar Millennium for damages in
the USA

03.04.2012 / 13:05

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Corporate News
Utz Claassen sues Solar Millennium for damages in the USA

Erlangen, 2 April 2012 – Solar Millennium AG–s former CEO, Utz Claassen,
has sued Solar Millennium and some of the subsidiaries for damages worth
USD 265 million in the USA. The statement of claim states that responsible
persons at Solar Millennium AG had damaged Claassen–s reputation as a
manager by making defamatory statements towards the public and the press
after he left the Company in March 2010. As a consequence, he has
apparently received no suitable offers since then. He specifically sued
Solar Millennium AG, its US subsidiary Solar Millennium Inc. and Solar
Trust of America LLC, in which Solar Millennium Inc. holds 70%, while the
remaining 30 % are held by Ferrostaal.

The action is being legally examined by the insolvency administrator Volker
Böhm and the affected subsidiaries at present. The action will have no
direct impact on the German insolvency proceedings. Even if Claassen–s
action proved successful, he would only be one of the creditors of the
insolvent SMAG and would have to apply for inclusion of any damages awarded
in the schedule of creditors– claims. Whether this claim would actually be
recognized by the insolvency administrator would then again be legally
examined according to the German law.

Contact:

Solar Millennium AG
Phone: +49 (0)9131 9409-0
Press Contact:

möller pr
Mail: cm@moeller-pr.de, Phone: +49 (0)221 80 10 87-87

This press release constitutes neither an offer to sell nor the
solicitation of an offer to buy any securities of Solar Millennium AG. The
press release shall not form the basis for investment decisions regarding
securities of the company. Any such investment decision of a prospective
investor shall be based solely on such prospective investor–s own
investigations and assessments.

This release contains forward-looking statements. These statements are not
a description of past facts, but rather relate to expectations and opinions
of Solar Millennium AG. These statements are based on current plans,
assessments and forecasts of the company. Investors should not rely on
these statements. Forward-looking statements must be understood in the
context of the circumstances existing at the time when they were made. The
company assumes no obligation to update the forward-looking statements in
this release based on new information or future events. Forward-looking
statements always involve risks and uncertainty. Due to a multitude of
factors, actual events and actual developments may differ significantly
from the forward-looking statements contained herein. This press release
was originally prepared in German. The translation of this release or parts
thereof is considered as a service for journalists, analysts and investors
who are not able to understand German. Only the German version is legally
binding.

End of Corporate News

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03.04.2012 Dissemination of a Corporate News, transmitted by DGAP – a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Media archive at www.dgap-medientreff.de and www.dgap.de

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163739 03.04.2012

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