CPI Property S A : GROUP - New York Litigation Update
June 09, 2020 at 01:05 pm EDT
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/ Key word(s): Legal Matter/Real Estate
CPI PROPERTY GROUP - New York Litigation Update
09.06.2020 / 19:01
The issuer is solely responsible for the content of this announcement.
CPI PROPERTY GROUP
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254
PRESS RELEASE
Luxembourg, 9 June 2020
CPI PROPERTY GROUP - New York Litigation Update
CPI PROPERTY GROUP ("CPIPG" or the "Group") has prepared an update for our stakeholders regarding legal proceedings involving Kingstown Capital Management L.P. and Investhold LTD (together "Kingstown").
On 3 June 2020, Kingstown filed yet another complaint against CPIPG and Mr. Radovan Vitek in New York. This time, Kingstown filed in New York State court, alleging that they were somehow defamed through April 2019 press releases and other statements in relation to Kingstown's first-filed U.S. lawsuit, which is currently pending in the United States District Court for the Southern District of New York.
CPIPG categorically denies Kingstown's allegations. The new complaint lacks merit and, in any event, does not belong in a U.S. forum. CPIPG further believes that the new complaint is highly ironic considering that Kingstown and its agents have attempted to harm the reputations of CPIPG and Mr. Vitek through multiple failed attacks in the European media.
CPIPG and Mr. Vitek will continue to mount a vigorous defense against Kingstown and will routinely update our stakeholders on any material developments.
For more on CPI PROPERTY GROUP, visit our website: www.cpipg.com
For further information please contact:
INVESTORS
CPI PROPERTY GROUP
David Greenbaum
Chief Financial Officer d.greenbaum@cpipg.com
CPI PROPERTY GROUP
Joe Weaver
Director of Capital Markets j.weaver@cpipg.com
MEDIA/PR
Kirchhoff Consult AG
Andreas Friedemann
Borselstraße 20
22765 Hamburg
T +49 40 60 91 86 50
F +49 40 60 91 86 60
E andreas.friedemann@kirchhoff.de
09.06.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
CPI PROPERTY GROUP
40, rue de la Vallée
L-2661 Luxembourg
Luxemburg
Phone:
+352 264 767 1
Fax:
+352 264 767 67
E-mail:
contact@cpipg.com
Internet:
www.cpipg.com
ISIN:
LU0251710041
WKN:
A0JL4D
Listed:
Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart
CPI Property Group SA, formerly GSG Group SA, is a Luxembourg-based company active in real estate sector with operations in Germany, the Czech Republic, Hungary, Poland, Russia, Croatia, Switzerland and Slovakia. The Company is principally engaged in leasing out investment properties and developing properties for its own portfolio. It has two segments: Property Investments, its core segment, and Development. The core segment comprises investment in commercial properties through acquisition, rental of properties and property portfolios, especially in long-term ownership of the properties. The Development segment focuses on commercial projects and the conversion of some Kreuzberg commercial assets into residential units to be sold; this includes property acquisition, planning and obtaining building rights, project implementation and sale/rental of the realized projects to investors and tenants. The Company operates Remontees Mecaniques Crans Montana Aminona SA as a subsidiary.
CPI PROPERTY GROUP 
