5.4.0 Introductie

Investors can claim damages for losses incurred due to misinformation on the various grounds: section 44 of the Stock Exchange Act, the general tort liability provisions of sections 823 and 826 of the German Civil Code or the general prospectus liability based on the culpa in contrahendo doctrine laid down in section 311(2) and (3) and section 280 GCC. Only investors that have acquired securities on a regulated market can claim compensation on the basis of section 44 of the Stock Exchange Act. Claiming damages on the basis of the culpa in contrahendo doctrine requires a (pre-) contractual relationship between the issuer and the investor. In the most likely circumstances, this is not the case, and the claimant should base his claim on section 823 GCC for intentional or reckless damage infliction or section 826 GCC for intentional damage infliction.