The German Stock Exchange has warned it plans to terminate trading on the Neuer Markt of shares in the IN-Motion Group, parent of Kirk D'Amico and Philip von Alvensleben's Myriad Pictures, within weeks.
The company was informed over the weekend that the Exchange planned to terminate trading in the company's shares from April 29. The move comes after IN-Motion delayed publishing its consolidated financial statements for 2001.
In-Motion said it will appeal to the Primary Markets Arbitration Panel of the Deutsche Boerse. It aims to have its shares traded on the Regulated Market should the appeal fail.
The company's delayed results will now be announced on April 8 after wrangling between management and auditors about the booking of the production services of a media fund. In-Motion said that the executive board and the auditors "jointly decided that the relationship regarding the revenues from production services for the German media funds will now be treated as long-term financing".
IN-motion is now expecting preliminary sales for last year of Euros 85.2 million and a net loss of Euros 5.2 million. The comparable figures for the previous financial period were Euros 37.1 million in sales and Euros 7 million net profit.
Shares dropped 22.50% to Euros 2.90 on Tuesday. Boerse Online recommended a "sell" for the stock, saying that the company - which had initially forecast sales of Euros 156m - had "gambled away the trust of the shareholders". Myriad's current slate includes Chen Kaige's Killing Me Softly, while IN-Motion has provided financing for such films as Walt Becker's Van Wilder: Party Liaison.