News Column

Porsche Wins Court Rejection of Market Manipulation Claims

Sept. 19, 2012

Shares in Porsche surged Wednesday after a German court dismissed two lawsuits claiming market manipulation during the luxury sports carmaker's failed bid to take over the Volkswagen group four years ago.

Porsche's stock jumped 5.79 percent following the ruling by the court in the northern city of Braunschweig.

The Stuttgart-based carmaker welcomed the decision "as a positive signal."

Three cases involved damages of $5.22 billion (4.1 billion euros) are still pending.

The court did not provide details of its decision Wednesday, saying that the parties should first be given time to read the judgement.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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