Landis systematically misled investors: receivers

Bankrupt IT company Landis systematically published wrong profit and sales figures, misleading investors, creditors and banks on a massive scale, according to the firm’s official receivers, reports today’s Financieele Dagblad.

Landis collapsed in 2002, leaving debts of €600m and 3,200 workers without a job. The FD says the bankruptcy is one of the biggest in Dutch corporate history.
Landis was listed on the Amsterdam stock exchange in 1998 and enjoyed a period of explosive growth, tripling its turnover within three years. Capital market investment, totalling €440m, was largely attracted on the basis of misleading figures, the receivers said.
In May, the appeal court quashed fraud convictions for seven former Landis employers – including three board members and two supervisory board members.

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