DGAP-Adhoc: SolarWorld AG: U.S. single judge grants claim for damages in the first instance. SolarWorld Industries Sachsen GmbH will appeal against judgment and sees no enforcement possibility in Germany

SolarWorld AG  / Key word(s): Legal Matter/Miscellaneous

27.07.2016 08:58

Disclosure of an inside information according to Article 17 MAR,
transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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In the litigation between silicon supplier Hemlock Semiconductor Corp. and
SolarWorld Industries Sachsen GmbH, a subsidiary of SolarWorld AG, a single
judge granted Hemlock's claim for damages amounting to USD 585 million plus
interests of USD 208 million in the first instance on July 26, 2016.

SolarWorld Industries Sachsen GmbH will appeal against this judgment of the
first instance at the Intermediate Court of Appeals in the United States.
SolarWorld AG expects a duration of proceedings in the second instance of
about one year.

Inspite of this judgment in the first instance, SolarWorld AG continues to
assume that Hemlock will not be able to enforce any claims in Germany.
There are anti-trust concerns under European law regarding the
effectiveness of the underlying supply contracts. If a potential final
ruling by a U.S. court was to be enforced in Germany, Hemlock would have to
initiate a recognition process at German courts according to Sec. 722 (1)
of the German code of civil procedure. These proceedings would require the
existence of a final - i.e. non-appealable - judgment from the United
States. Moreover, in such a process, the compliance with fundamental
principles of German law would have to be considered in reaching a verdict.
According to German law, European trust law is a fundamental principle of
the legal system. Furthermore, the U.S. single judge explicitly said that
the court did not consider proof of illegality under EU anti-trust but also
that this argument would receive its day in court later on. Thus,
SolarWorld AG is convinced that such a procedure of recognition and
enforcement will fail to be concluded successfully in Germany. The risk
assessment of SolarWorld AG has thus not changed.


Contact:
SolarWorld AG 
Investor Relations 
Phone: +49 228 55920-470; Fax: +49 228 55920-9470,
Email: placement@solarworld.com; Web:
www.solarworld.de/en/investor-relations


27.07.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Language:     English
Company:      SolarWorld AG
              Martin-Luther-King-Straße 24
              53175 Bonn
              Germany
Phone:        +49 (0)228 - 559 20 470
Fax:          +49 (0)228 - 559 20 9470
E-mail:       placement@solarworld.com
Internet:     www.solarworld.de
ISIN:         DE000A1YCMM2, DE000A1YDDX6, DE000A1YCN14
WKN:          A1YCMM, A1YDDX, A1YCN1
Listed:       Regulated Market in Dusseldorf, Frankfurt (Prime Standard);
              Regulated Unofficial Market in Berlin, Hamburg, Hanover,
              Munich, Stuttgart, Tradegate Exchange; Terminbörse EUREX
 
End of Announcement                             DGAP News-Service
 
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