Gerresheimer Faces Triple Threat as KPMG Probe, BaFin Scrutiny and Shareholder Lawsuits Converge

Germany's Gerresheimer faces multi-front legal battle as APAS investigates KPMG, BaFin probes financial misstatements, and DSW targets former executives over €35M revenue fraud.

The accounting scandal engulfing Gerresheimer has escalated into a multi-front legal and regulatory battle, with Germany’s audit oversight body, the financial regulator and shareholder activists all training their sights on the packaging group and its former leadership.

The Abschlussprüferaufsichtsstelle (APAS) has opened a professional conduct investigation into KPMG, the auditor that signed off on the 2024 annual accounts without qualification despite what an independent law firm later confirmed were systematic revenue recognition failures. The probe centres on 35 million euros in so-called bill-and-hold transactions, where Gerresheimer invoiced customers for goods but deferred delivery — booking revenue prematurely in contravention of IFRS rules. The same irregularities also inflated adjusted EBITDA by 24 million euros. The timing is particularly awkward for KPMG, which had only replaced Deloitte as auditor in 2024 before immediately certifying a flawed set of accounts.

Separately, the financial watchdog BaFin is running parallel investigations into Gerresheimer’s interim financial statements, having opened a probe on 6 March 2026 before widening its scope. The regulator is scrutinising potential misstatements in leasing liabilities of 65.5 million euros, incorrect useful-life assumptions on 29.4 million euros of capitalised development costs, and unrecognised impairment charges of 196.5 million euros within the Advanced Technologies segment. Questions also hang over the valuation of goodwill totalling roughly 676 million euros.

The shareholder protection association DSW is preparing to escalate its own offensive. It has commissioned a legal opinion to establish responsibility among former executives, with ex-CEO Dietmar Siemssen and ex-CFO Bernd Metzner squarely in its sights. DSW managing director Marc Tüngler signalled that a litigation funder could become involved once the claims become clearer, opening the door to potentially sizeable damages lawsuits.

Reporting Freeze and Index Exit

The company’s financial calendar remains paralysed. The 2025 annual report is not expected until June 2026, while the first-quarter report and annual general meeting are suspended indefinitely. Gerresheimer’s ejection from the SDAX in April 2026 triggered forced selling by index-tracking funds, compounding the pressure on the stock.

Schuldschein holders have granted some breathing room, agreeing to extend deadlines until the end of September 2026 — a deal backed by 96 percent of the 870 million euro total volume. But the 2026 revenue forecast of 2.3 billion to 2.4 billion euros is explicitly conditional on successful credit renegotiations and the outcome of the BaFin probe.

Asset Sales and Factory Closure

Management is pushing ahead with a restructuring plan. The US subsidiary Centor Inc. has been put up for sale, with Morgan Stanley mandated to find a buyer. More than ten potential acquirers have reportedly expressed interest. The dilemma is acute: Centor was acquired for 725 million US dollars roughly a decade ago and generates above-average margins, meaning its disposal would further squeeze profitability at a time when the group can least afford it.

In a parallel move, Gerresheimer is closing its moulded-glass plant in Chicago Heights by the end of fiscal 2026, shifting production to Italy and India.

Stock Recovery Remains Fragile

Despite the turmoil, the shares have shown signs of life. On Tuesday the stock climbed more than four percent to 26.14 euros, taking its weekly gain to around ten percent. That still leaves the shares down 57 percent over the past twelve months, though they have recovered sharply from a February trough of 15.57 euros.

Some institutional investors, including CastleKnight and Deka Investment, have taken advantage of the depressed valuation to build positions. Short sellers, however, continue to bet on further downside.

The scheduled publication of audited 2025 accounts in June will provide the first reliable financial data in months. Whether that data validates the recent rally or exposes it as a technical bounce will depend on how much damage the accounting probes ultimately reveal — and whether Gerresheimer can keep its creditors onside long enough to execute the Centor sale.