The Platform Group Faces a Fork in the Road: Legal Turmoil, a Crashing Share Price, and the Race to Fund a €1.1B Deal

Shares lose 64% in four weeks as shareholders demand answers on fraud allegations, terminated loans, and a €1.1bn acquisition before the July 1 AGM.

The Platform Group’s stock has been in freefall, shedding nearly two-thirds of its value in the past month, yet the company’s annual general meeting on 1 July is shaping up to be the real stress test. Shareholders will be asked to approve capital measures and hear a long-term vision for 2030, but first they want answers on fraud allegations, terminated credit lines, and a multi-billion euro acquisition that remains unfinanced.

A Brutal Slide With No Floor in Sight

On Friday, the e-commerce platform’s shares touched a new 52-week low of €1.19, before closing at €1.24 — a loss of roughly 6% on the day. The stock has now cratered 64% within four weeks, a collapse that has left it trading far below its 50-day moving average of €2.74. The relative strength index sits at 21.5, deep in oversold territory, but no bottom has formed. Every attempted bounce has failed amid annualised volatility of nearly 129%.

The rout accelerated even as the broader market rocked higher on the big options expiry, with the DAX climbing above 25,100 points. Investors have abandoned the e-commerce sector, and without fresh company news to spark a reversal, chart analysts warn that a sustained break below €1.19 could trigger another wave of selling.

Strong Operations Are No Shield

Behind the brutal price action, the underlying business is performing solidly. In the first quarter, gross merchandise volume rose 23% to €438.4m, revenue jumped 51% to €243.1m, and adjusted EBITDA expanded 37% to €21.8m. Management’s full-year guidance calls for GMV of €1.7bn, revenue of €1bn, and adjusted EBITDA between €70m and €80m.

But those numbers have done little to calm nerves. Since 18 May, the equity has lost 56%, and the €1.20 low hit on 15 June was only marginally improved upon Friday. The disconnect between operational momentum and share price performance is stark.

Legal and Credit Pressures Mount

The company is now fighting on multiple legal fronts. The Chemnitz public prosecutor’s office is examining a criminal complaint over alleged forgery and fraud. Several managing directors of subsidiary companies have reportedly denied signing joint liability declarations for bank loans. BaFin has also received a whistleblower tip about the disputed documents.

On the credit side, the trouble has turned concrete. Landesbank Baden-Württemberg (LBBW) has terminated a loan early and is demanding repayment of approximately €6.75m. Sparkasse Essen is said to have asserted a claim of around €5.1m. The company has pushed back, instructing law firm LHR to pursue press law action against a 12 June article. An interim injunction targets the further dissemination of contested statements, and LHR is preparing a main action that could cover earlier publications as well.

A Billion-Euro Deal Hangs on a June Deadline

Meanwhile, the clock is ticking on the planned acquisition of AEP, a transaction that would add roughly €1.1bn in annual revenue. The antitrust clearance has already been secured, but the financing structure has yet to be finalised. The company’s self-imposed deadline expires at the end of June. If the deal closes, total GMV would leap to €3.0bn; if it falls through, the company remains with its existing €1.7bn forecast.

The AGM will also vote on the creation of new authorised and conditional capital, along with authorisation for convertible and warrant bonds. CEO Dominik Benner is expected to present the long-term Vision 2030, but the success of that pitch hinges on his ability to defuse the fraud allegations and restore credibility.

The deadline to register for the meeting is 24 June. The next hard data point after that will be the half-year report on 20 August — by which time the AEP financing and legal clarity may have already determined the company’s trajectory.