Marionnaud

On 19 January 2010, the Commercial Court of Créteil pronounced its judgment, and declared the company Marionnaud Parfumeries (hereafter «Marionnaud») responsible for providing misleading and false information to the market, causing thereby damages to its shareholders.

As a reminder, on 17 December 2004, Marionnaud announced accounting mistakes for more than 90 million EUR causing thereby a sudden fall of its share price on the stock market. Deminor was contacted then by a substantial amount of investors, and initiated proceedings on 23 September 2005 before the Commercial Court of Créteil against Marionnaud, who in turn, requested a third party notice against its former directors, Marcel and Gérald Frydman.

This judgment of 19 January 2010 requires Marionnaud to pay 6,84 EUR per share, to be increased by 1 EUR legal interests. Marcel and Gérald Frydman have lodged an appeal against this judgment, and have now 4 months to file their submissions.