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The German stock exchange watchdog BaWe has launched an investigation into an ad-hoc announcement made by Deutsche Pfandbriefbank (DePfa) which may have been in contravention of market regulations. In an official report released on Tuesday the bank denied rumours that it was about to give a profit warning. However, a DePfa spokesman was later forced to admit that the bank would struggle to meet its profit target for this year. An infringement of ad-hoc regulations can lead to a fine of up to €1.5m (DM3m).
Also reported in Frankfurter Allgemeine Zeitung, Germany.
Handelsblatt, 11 October 2001, p34
