The Platform Group Battles a Triple Threat: Criminal Inquiry, Loan Defaults, and a Legal War With the Press

Though Q1 revenue surged 51%, The Platform Group's stock lost 55% on allegations of unpaid tax debts and forged documents. Insider buying failed to stem panic; RSI at 22 signals oversold.

Even as quarterly revenue surged 51%, The Platform Group finds itself fighting fires on multiple fronts. The stock has shed 55% of its value in the past month, trading at €1.40 after hitting an intraday low of €1.20. A €19,000 insider purchase by chief executive Dominik Benner on Friday failed to stem the panic — shares fell another 8.52% on Monday.

The flashpoint is a manager magazin report that raised allegations of unpaid tax debts, a cancelled loan from LBBW, demands for the return of funds from Sparkasse Essen, and even forged documents. The state prosecutor’s office in Chemnitz is now reviewing whether to open a formal investigation. The company has engaged law firm LHR to prepare an injunction against further distribution of the article and is also working on a claim for damages. LHR previously won court orders against the magazine in spring 2026, but no final ruling on the new allegations has been reached.

Beyond the legal noise, the growth story remains intact. Net sales hit €243.1 million in the first quarter, while adjusted operating profit climbed to €21.8 million. Management has reaffirmed its full-year guidance. Yet the financial picture is clouded by a net-debt-to-EBITDA ratio of 2.1, which the board aims to reduce significantly in coming years. The cancellation of bank credit lines, if confirmed, would put that deleveraging plan under severe strain.

A critical test arrives before the end of June: the proposed acquisition of pharmaceutical wholesaler AEP has already cleared antitrust hurdles, but banks are still weighing the financing. The deal is central to the group’s growth strategy, and the clock is ticking. The annual general meeting on July 1 will give shareholders a chance to press for answers on both the liquidity position and the veracity of the allegations.

Technical indicators suggest the selloff has been overdone. The relative strength index stands at 22.0, deep in oversold territory. Annualised volatility of 138% underscores the raw nerves in the market. For the moment, however, the stock remains hostage not to operating performance but to perception — and a court date that has yet to be set.