Porsche 2011 Annual Report Download - page 104

alleged losses incurred estimated by the investors to
total approximately 3.3 billion euro. Porsche SE con-
siders the alleged claims to be without merit and has
not taken part in the conciliatory proceedings.
In January 2011, a private investor filed a
claim for damages against Porsche SE and another
defendant in the amount of approximately 3 million
euro. The plaintiff claims to have entered into options
relating to shares in Volkswagen AG in 2008 on the
basis of inaccurate information and the omission of
information as well as market manipulation by Por-
sche SE and to have incurred losses from these
options due to the share price development in 2008
in the amount claimed. The action was referred by the
Regional Court of Stuttgart to the Regional Court of
Braunschweig. Porsche SE considers the alleged
claim to be without merit and has responded by filing
a motion to dismiss.
In October 2011, ARFB Anlegerschutz UG
(haftungsbeschränkt), Berlin, brought an action before
the Regional Court of Braunschweig against Porsche
SE and Volkswagen AG based on claims for damages
allegedly assigned to it by 41 investment funds, in-
surance companies and other companies in the
amount of approximately 1.1 billion euro. Some of the
41 investors are also applicants in the aforemen-
tioned conciliatory proceedings. Four of the investors
are hedge funds that have also filed claims against
Porsche SE before a US federal court that were dis-
missed in first instance. In December 2011, this claim
was extended to include the alleged claims for dam-
ages filed by ARFB Anlegerschutz UG (haftungs-
beschränkt) on behalf of another 24 entities for an
allegedly assigned right in the amount of approxi-
mately 700 million euro. Two of these other investors
are hedge funds that have also filed claims against
Porsche SE before a US federal court that were dis-
missed in first instance. In connection with the exten-
sion of the claim in December 2011, ARFB Anleger-
schutz UG (haftungsbeschränkt) also partly withdrew
its original action to the extent that alleged claims for
damages of an investment fund in the amount of
approximately 4.5 million euro arising from an alleg-
edly assigned right are no longer upheld. In addition,
ARFB Anlegerschutz UG (haftungsbeschränkt) filed
another action against the company at the Regional
Court of Braunschweig in December 2011, asserting
alleged claims for damages on behalf of another five
companies, again from the alleged assigned right, for
a total of approximately 351 million euro. The plaintiff
alleges that, in 2008, on the basis of inaccurate
information and the omission of information as well as
market manipulation by Porsche SE, the companies
behind the complaints either failed to participate in
price increases of shares in Volkswagen AG and,
hence, lost profits or entered into options relating to
shares in Volkswagen AG and incurred losses from
these options due to the share price development in
the amount claimed. Porsche SE considers the al-
leged claims to be without merit and will defend itself
against them.
In December 2011, a total of seven plaintiffs
filed a complaint against Porsche SE at the Stuttgart
Regional Court and asserted claims for damages
against the company in the total amount of some 2
billion euro, based on allegations of market manipula-
tion and inaccurate information in connection with the
acquisition of a shareholding in Volkswagen AG in
2008. Six of the plaintiffs are hedge funds that have
also filed claims against Porsche SE before a US
federal court that were dismissed in first instance.
Porsche SE considers the alleged claims to be with-
out merit and will defend itself against them.
In addition, an investor filed an action against
Porsche SE at the Regional Court of Braunschweig in
December 2011 and asserted claims for damages
against the company in the total amount of some 1.5
million euro, based on allegations of market manipula-
tion in connection with the acquisition of a sharehold-
ing in Volkswagen AG in 2008. Porsche SE considers
the alleged claims to be without merit and will defend
itself against them.
A total of four reminder notices were served
on the company in December 2011 and January 2012,
asserting alleged claims for damages based on alle-
gations of market manipulation and of inaccurate
information or the omission of information, for a total
of approximately 31 million euro. Porsche SE consid-
ers the alleged claims to be without merit and has
filed an objection against the reminder notices.
GROUP MANAGEMENT REPORT104