Stuttgart Prosecutors Call For Appeal In Wiedeking Market Manipulation Ruling
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.