DEAG ‘substantially overstated’ financial success
Deutsche Entertainment AG has revised several claims made in previous financial reports after an investigation by the Financial Reporting Enforcement Panel (FREP)
News By | 2 May 2017
Deutsche Entertainment AG (DEAG) has been criticised by Germany’s Financial Reporting Enforcement Panel (FREP) for allegedly misrepresenting its financial strength in its 2014 full-year and 2015 half-year fiscal reports.
According to German business weekly WirtschaftsWoche, FREP took issue with DEAG’s 2014 financial report describing “very good presales” for its three new festivals, Rock im Revier, Rockavaria and Rock in Vienna – when, in fact, less than a month before the festivals were due to kick off, “not even half of their…
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