FortisAction.com is an initiative of Euroshareholders, the pan European organisation of 32 shareholders associations. The registration will be treated 100% confidentially and no information that you registered with Euroshareholders will be provided to third parties.
Dear Fortis shareholder,
The developments at our company over the last few months have been extremely disappointing. The management of Fortis has mismanaged the company in times of worsening market conditions, which has led to the dismantling of Fortis on October 3rd and October 5th 2008.
Based on the information currently available
Fortis management has:
- consistently misinformed shareholders
- mismanaged the company during this crisis period
- lost – despite 15 billion in share issues – more than 30 billion euro in market capitalisation
- dismantled the company
- a marginalised company with a 66% stake in a structured products portfolio (worth 6,8 billion euro)
- a small insurance business that could not be sold directly (Insurance International) worth between 1,5 and 2,0 billion euro.
- no dividend
- a 90 percent decline in the shareprice.
Who will defend our rights as Fortis shareholders?
Since the company’s management has not acted in the best interests of Fortis shareholders it is important to bundle forces. Euroshareholders, the pan European organisation of 32 national shareholders associations, has decided to join forces with the national organisations that are involved: VFB and Investa in Belgium, VEB in the Netherlands and Investas in Luxembourg. We are currently exploring the possibility to start legal actions with regard to the Fortis-drama.
What actions can be taken?
- actions to ensure a shareholder vote on the transactions of October 3rd and October 5th, since under Dutch Law Fortis is required to ask for shareholder approvel of those transactions (see Euroshareholder press release of October 6th)
- actions to investigate mismanagement of the company
- actions to investigate whether Fortis management has correctly informed its shareholders and the financial community on its problems, the impact of the subprime- and credit crisis, and its financial position
- actions to claim damages from parties involved.
You can support our actions by registering now on this website. Supporting the action is currently free of costs. If any contribution will be asked in the future, the shareholder can decide at that time. Euroshareholders (or the national associations) will inform investors on the actions by email.
