Investors sue Porsche SE due to Volkswagen scandal

by SpeedLux

Porsche SE, the main investor of Volkswagen, is dealing with lawsuits from investors asserting the company did not divulge the financial dangers of Volkswagen’s emissions scandal discovered a year back.

A representative at Porsche SE stated on Tuesday Frankfurt-based law firm Nieding + Barth had actually submitted 12 lawsuits against the company which controls 52.2 percent of Volkswagen’s voting shares, while legal representative Andreas Tilp has sent another 3 suits.

Tilp, who has represented financiers in lots of German cases over capital market-disclosure problems, has likewise been pushing a case versus Volkswagen filed on behalf of numerous investors and worth over 3 billion euros ($3.37 billion).

“We consider all complaints to be unproven,” the Porsche spokesperson said, noting that as a holding company, Porsche SE is primarily not involved in Volkswagen’s operating business.

The Porsche financiers claim they lost from the fall in Porsche SE choice shares following the exposure of Volkswagen’s manipulations by authorities in the United States last September.

The local court in Stuttgart, where Porsche is based, has actually gotten 80 suits targeting Porsche and Volkswagen, Germany’s Stuttgarter Zeitung reported earlier on Tuesday, pointing out a spokeswoman at the court.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SpeedLux

SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.

Subscribe

©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More