Pursuits
Porsche Wins Dismissal of Two German VW-Options Lawsuits
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Porsche SE won dismissal of the first two investor suits in Germany over allegations the company lied about its failed Volkswagen AG takeover plan in 2008. Porsche shares surged the most in nine months after the ruling.
Two press releases issued by Porsche in March 2008 didn’t amount to “vicious behavior” that would have misled investors, the Braunschweig Regional Court said today in a ruling that dismissed the cases. The two lawsuits, which were seeking less than 5 million euros ($6.53 million) combined, argued the 911 sports-car maker manipulated stock prices in its failed bid.