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AutoBlog: BREAKING: Porsche offices raided on suspicion of stock manipulation

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Filed under: Government/Legal, Hirings/Firings/Layoffs, Porsche, Volkswagen


The soap opera surrounding Volkswagen AG and Porsche has just taken a turn for the legal, as Bloomberg reports that the company's German offices have been raided by prosecutors who are investigating whether the automaker has violated security laws.

The German prosecutor's office seized documents amidst the allegations of stock price manipulation and insider trading, prompting Porsche to issue a statement denying the allegations while vowing complete cooperation (available after the jump). The probe stems from the sports car maker's attempt to gain control of parent Volkswagen, and the investigation is reportedly focusing on recently departed CEO Wendelin Wiedeking as well as ex-CFO Holger Haerter.

As you may recall, Porsche had tried to take over VW back in May, but that maneuver failed because of the company's swirling debt and a veto on the action by Lower Saxony. Porsche has since been swallowed up by the very company it was once seeking to take over, with an additional stake going to Qatar investors. You can read more by clicking on the link below, but be sure to hit the jump to read Porsche's official statement.

[sources: Bloomberg, Porsche | Image: David Hecker/AFP/Getty]]

Continue reading BREAKING: Porsche offices raided on suspicion of stock manipulation

BREAKING: Porsche offices raided on suspicion of stock manipulation originally appeared on Autoblog on Thu, 20 Aug 2009 12:56:00 EST. Please see our terms for use of feeds.

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