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Court sides with Porsche against investors

The Local · 19 Sep 2012, 11:09

Published: 19 Sep 2012 11:09 GMT+02:00

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The regional court in Braunschweig dismissed two of the claims which together sought just under €5 million.

Those suing argued that Porsche manipulated the stock market with its stunning 2008 announcement that it was taking over Volkswagen, which in turn sent Volkswagen stock prices through the roof.

The takeover eventually failed, leading to massive losses for investors.

Judge Stefan Puhle said the press releases issued by Porsche on March 3 and 10, 2008 were, “in their contents not grossly false.”

A spokesman for Porsche said the court's decision on Wednesday was a 'positive signal.'

It became apparent that the claim would likely be rejected at a hearing back in June. Puhle said then that it would be a "difficult act" to convict Porsche and made it clear that the German Supreme Court (BGH) had created extremely high barriers to such judgements.

Three further claims which seek a combined total of €4.1 billion, are still pending at the regional court.

The luxury car maker was later saved by Volkswagen, which completed its takeover of Porsche last month.

Story continues below…

DAPD/The Local/sh

The Local (news@thelocal.de)

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Your comments about this article

16:04 September 19, 2012 by zeddriver
"blind" greed was the issue. Just because Porsche announces they are trying to take over VW does not constitute a contract to do so. It was the greed of the investors that bought stocks merely on the speculation that Porsche MIGHT buy out VW. And the stock price only increased due to demand by the investors for the stock. Had they waited and monitored the situation the stock in question would not have skyrocketed. They clearly should have monitored the take over and bought stocks only after an announcement that a deal had been made. The investors would have still made money.
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