STUTTGART (Thomson Financial) – The sports car maker Porsche claims that the action of U.S. mutual funds. As usual in U.S. courts , it will first go mainly to procedural issues , specifically Porsche denies the jurisdiction of the court in New York, the Dow Jones Newswires news agency learned on Tuesday from industry sources . (Photo : Porsche)
At midnight, American time is running Porsches time limit for comment on the pending action.
Many investment funds were sued in January, the Porsche Automobil Holding SE and the previous CEO Wendelin Wiedeking and CFO Holger Ex – hardener before a federal court in Manhattan. Porsche and the two managers are accused of having misled investors when trying to take over Volkswagen, and lied to. The action by the claim for compensation of more than 2 billion USD is connected.
The Swabians have since always stressed that they have complied with the applicable securities laws , even when experts are talking about a loophole.
When the Stuttgart on 26 October 2008 announced how many shares of the Wolfsburg company they actually directly and indirectly owned , this was the price of VW shares rise rapidly and made Volkswagen briefly to the most expensive company in the world .
However, investors had bet on falling prices and sold borrowed VW shares in the hope that they later buy back cheaper and pocket the difference to be able to . In fact, they now had to lose out strong. The fact that significantly fewer shares were freely tradable than were needed to meet the business, drove the price further.
The success of the American action against hedge funds Porsche diminished modified a ruling of the Supreme Court in the United States. The judges judged that the U.S. Securities Act , it would not even if the applicants can demonstrate that allegations of tampering have an impact in the U.S..
In home country prosecutors are investigating Porsche: The prosecutor examines Stuttgart since August 2009 on the suspicion of market manipulation and unauthorized disclosure of inside information in the takeover battle between VW and Porsche.
The ex – manager Wiedeking Porsche and hardener recorded it last a partial victory : Your withdrawal from the leadership of the sports car maker in July 2009 was notified in time, were the investigators. Even the suspicion that it may have been passed secret information on business development , have not been confirmed.
In the wake of the financial crisis plan for a Porsche takeover of Volkswagen had failed. Ultimately , the Stuttgart consented to slip as the tenth brand under the umbrella of Wolfsburg .
– By Katharina Becker , Dow Jones Newswires
+49 ( 0) 69-29725 112 katharina.becker @ dowjones.com
DJG / cat / rio / ISJ