Minor shareholders of the troubled battery manufacturer Varta have filed a constitutional complaint with the Federal Constitutional Court. They oppose the planned exclusion of their subscription rights in the course of the company's restructuring, which they believe violates the property guarantee of the Basic Law. The German Association for the Protection of Small Shareholders (SdK) particularly criticizes that the interests of existing shareholders are being undermined in the process according to the Corporate Stabilization and Restructuring Act (StaRUG).

Major shareholder Michael Tojner, who holds 50.1 percent of Varta shares, plans a capital reduction and a subsequent capital increase. The public shareholders are to be excluded from the capital increase, while Tojner, as the only existing shareholder, is allowed to participate. The SdK describes this approach as "disloyal and hostile to shareholders." However, the Varta board emphasized that the current procedure is the best solution for the company, its employees, and all creditor groups.

The company based in Ellwangen with around 4,000 employees has been in a deep crisis for some time. Causes include the highly fluctuating demand for small lithium-ion batteries, as used in headphones, as well as management errors. Critics accuse Varta of becoming too dependent on their main customer Apple and making investments too recklessly. A hacker attack in February, which crippled production for weeks, further exacerbated the problems.

Despite the ongoing uncertainties, Varta shares in XETRA trading recorded an increase of 8.41 percent to 2.24 euros. Investors appear optimistic that the legal and economic challenges can be overcome.