The financial reporting crisis at packaging specialist Gerresheimer has entered a new phase, with legal action now a distinct possibility. The German Association for the Protection of Shareholders (DSW) has commissioned a legal opinion on the liability of former board and supervisory board members and is evaluating potential claims for damages. Former CEO Dietmar Siemssen and former CFO Bernd Metzner are specifically named as subjects of this review.
Marc Tüngler, the DSW’s Managing Director, described a strategy of gradual disclosures as “wearing down” investor confidence. He pointed to a dramatic share price collapse with few precedents. Before the initial profit warning in autumn 2024, the stock traded just below €100. It recently closed at €19.24.
Broadening Regulatory Investigation
Simultaneously, Germany’s financial regulator, BaFin, has significantly expanded its probe. Initially focused on examining “bill-and-hold” agreements—where revenue is booked before physical delivery of goods—the investigation now encompasses several other accounting issues. These include the faulty booking of lease liabilities, the potentially impermissible capitalization of development costs, and omitted impairment charges.
A particularly critical detail involves the 2025 half-year report, where risks associated with the acquisition of Bormioli Pharma were classified as “low.” BaFin has indicated there is evidence suggesting this assessment may have been “no longer appropriate.” Alongside the regular auditor KPMG, Grant Thornton is now also scrutinizing the company’s books for 2024 and 2025. For 2024 alone, incorrect bookings are under discussion, affecting approximately €35 million in revenue and €24 million in adjusted EBITDA.
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A Cascade of Consequences
The special audit is delaying the certified annual financial statements, triggering a chain reaction of further complications. A likely exclusion from the SDAX index could force index funds to rebalance their holdings, creating additional selling pressure. The Q1 2026 quarterly report, originally scheduled for April 16, has been postponed. The Annual General Meeting set for June 3, 2026, cannot proceed as planned.
Tüngler noted soberly, “The clearer the claims become, the more likely it is that a litigation financier will get involved.” This would open another chapter in a crisis that is pressuring the company structurally, legally, and operationally.
Despite the turmoil, some institutional investors are seeing opportunity at depressed price levels. The CastleKnight Master Fund and Deka Investment have recently reported new stakes. Gerresheimer itself has provided guidance for 2026, forecasting revenue of €2.3 to €2.4 billion and an adjusted EBITDA margin of 18% to 19%. The sale of its US subsidiary Centor Inc., managed by Morgan Stanley, is expected to be finalized later this year.
The certified financial statements, now expected in June 2026, will reveal the true depth of the accounting errors and whether ongoing credit negotiations have yielded sustainable results. Only then will it become clear if the new institutional investors have made a prudent bet.
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