VIA optronics AG Announces Conclusion of Internal Review and Provides Management Update

VIA optronics AG (NYSE: VIAO) (“VIA” or the “Company”), a leading supplier of interactive display systems and solutions, today announced that its Supervisory Board has concluded its previously disclosed internal review of the Company’s application of its compliance procedures and the investigation of certain incidents regarding compliance with Company policies and guidelines.

As previously disclosed on November 17, 2023, the Company’s continuing internal review process resulted in a further delay of the filing of its form 20-F for the year ended December 31, 2022, with the U.S. Securities & Exchange Commission. At that time, the Company also disclosed that it had been granted an extended trading period by the New York Stock Exchange (NYSE) through May 16, 2024 in order to file its 20-F for FY 2022 (“2022 20-F”).

Chief Executive Officer Roland Chochoiek commented, “We are pleased that the internal review process was finalized, and that the findings were disclosed and presented to our Supervisory Board. As we have stated previously, our leadership takes these matters seriously and we believe the actions we’ve taken to address these findings support this. The conclusion of the internal review process now enables us to proceed with the finalization of our delayed 2022 20-F, which we are endeavouring to file as soon as practicable.”

Conclusion and Findings of Internal Review

The internal review was conducted by BDO AG Wirtschaftsprüfungsgesellschaft (“BDO”) and DLA Piper UK LLP (“DLA Piper” and, together with BDO, the “Advisors”), who were appointed by the Supervisory Board to investigate the potential incidents and to review compliance with Company policies and business guidelines during the period from January 1, 2017 to December 31, 2022 (the “Investigation Period”).

As previously disclosed, the Advisors’ preliminary findings indicated deviations from the Company’s compliance procedures during the Investigation Period primarily involving VIA’s former Chief Executive Officer, Jürgen Eichner.

In February 2024, the Advisors furnished a final report to the Supervisory Board which identified failures by Mr. Eichner and one other employee to comply with Company policies and business guidelines. In particular, the Advisors identified discrepancies that occurred during the Investigation Period in areas including expense recording and reimbursement, company credit card usage for personal transactions, the receipt of annual bonus payments in contravention of Mr. Eichner’s service agreement, unearned compensation for vacation days, inadequate documentation of vehicle usage, and other unapproved payments made to Mr. Eichner.