Pursuits
Porsche Sued by Greenlight, Tiger Over Short-Selling Losses
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Porsche SE, the German automaker, was sued by hedge funds Greenlight Capital Inc., Tiger Management LLC and other funds over $1 billion in short-selling losses.
The funds accused Porsche of fraud, saying it hid its plan to corner the market in Volkswagen AG shares, according to a complaint filed today in New York State Supreme Court. The funds had shorted, or bet against, Volkswagen stock and suffered losses when Porsche revealed its holdings.