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Stuttgart Prosecutors Expand Alleged Stock Manipulation Probe to Entire Porsche Board

Stems from failed takeover of Volkswagen

Wendelin Wiedeking and Holger Haerter were the only members originally being investigated

The Stuttgart prosecutors have extended their probe into Porsche'sPorscheGermany, 1931 > present43 models
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alleged stock manipulation while it was trying to purchase VolkswagenVolkswagenGermany, 1938 > present98 models
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31 videos
to all 12 members of the Porsche board from March 2008 to October 2008. Only former CEO Wendelin Wiedeking and finance chief Holger Haerter were formerly been under investigation.

The members at the time included Wolfgang Porsche and Ferdinand Piech.

Buying 42.6% of Volkswagen stock caused Porsche to go into €10 billion in debt. Instead, Porsche was sold to Volkswagen

In addition to the criminal charges, a group of international investors, including 26 hedge funds from the US, are suing Porsche for €4 billion ($5.36 billion) in Germany for the alleged manipulation. Porsche was already sued in the US for the alleged manipulation and won its case.

Source: Automotive News Europe