Stuttgart Prosecutors Call For Appeal In Wiedeking Market Manipulation Ruling

Cameron Aubernon
by Cameron Aubernon

Two weeks after the Stuttgart Regional Court threw-out charges of market manipulation levied at former Porsche CEO Wendelin Wiedeking in December of 2012, prosecutors have called for an appeal of said ruling.

Automotive News Europe reports the prosecutors filed a motion to gain more time to review the case prior to deciding whether to appeal the ruling made in favor of Wiedeking and former Porsche CFO Holger Haerter.

The charges in question came after an investigation of the October 2008 announcement that Porsche, under the former CEO and CFO, would use options to boost its ownership of Volkswagen from 74.1 percent to 75 percent, effectively taking control of the latter. The announcement briefly caused a run on VW stock among short sellers on the basis that the automaker would fail. The charges claim Porsche misled investors during the failed takeover.

Cameron Aubernon
Cameron Aubernon

Seattle-based writer, blogger, and photographer for many a publication. Born in Louisville. Raised in Kansas. Where I lay my head is home.

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  • Mitchw Mitchw on May 06, 2014

    Perhaps if this were a post about a Porsche 924 in a junk yard there would be a few more comments from the B&B.

  • Rpol35 Rpol35 on May 06, 2014

    Looks like Dizzy Gillespie without his horn.

  • Kendahl Kendahl on May 06, 2014

    I enjoyed watching someone use the hedge funds' own tactics to f--- them over. It's too bad Wiedeking's ego led him to bite off more than he could chew.

  • Raresleeper Raresleeper on May 06, 2014

    Ah. I see that Wiedeking is also suffering from a long night of Tequila and never ending amounts of Tex-Mex. See? Those burritos really DO come back to haunt you.