Porsche 2012 Annual Report Download - page 124

Porsche SE considers the alleged claim to be
without merit and has responded by filing a motion
to dismiss. A trial date for hearing the case has
been set for 30 October 2013.
In September 2012, a further company filed an
action against Porsche SE in the amount of ap-
proximately 213 million euro with the Regional
Court of Braunschweig. The action comprises
alleged own and assigned claims. The claims were
asserted before out-of-court and in conciliatory
proceedings. The plaintiff claims that it entered
into options relating to ordinary shares in
Volkswagen AG in 2008 on the basis of inaccurate
information and the omission of information by
Porsche SE and that it incurred losses from these
options due to the share price development in 2008
in the amount claimed. Porsche SE considers the
alleged claims to be without merit and will respond
by filing a motion to dismiss. A trial date for hearing
the case has been set for 30 October 2013.
A total of four reminder notices were served on
the company in December 2011 and January 2012,
asserting alleged claims for damages based on
allegations of market manipulation and of inaccu-
rate information or the omission of information, for
a total of approximately 31 million euro. Porsche
SE considers the alleged claims to be without
merit and has filed an objection against the re-
minder notices. In three cases the proceedings
were subsequently referred to the Regional Court
of Stuttgart for implementation of a contradictory
court hearing. In one case, the applicant has with-
drawn its motion for contradictory proceedings. In
another case the plaintiff had substantiated its
alleged claim in the meantime, as mentioned
above, but subsequently withdrew his action.
On 28 February 2012, an investment fund as-
serted an out-of-court claim for alleged damages
in the amount of some 195 million US dollars and
announced that it intended to file the alleged claim
before a court in England. In the letter of claim, it
is alleged that, in connection with its acquisition of
a stake in Volkswagen AG during 2008, Porsche
SE made false and misleading statements. Por-
sche SE considers the claim to be without merit
and therefore on 7 June 2012 filed an action for
declaratory judgment with the Regional Court of
Stuttgart that the alleged claim does not exist. A
trial date for hearing the case has not been sched-
uled yet. On 18 June 2012, the investment fund
filed an action against Porsche SE with the Com-
mercial Court in England. The claim form was
transmitted to Porsche SE on 28 November 2012.
Porsche SE has moved for a stay of the proceed-
ings with the Commercial Court in England, due to
the earlier referral to the Regional Court of
Stuttgart.
Furthermore, in May and June 2012 three market
participants asserted claims for damages against
Porsche SE out-of-court. The claims are based on
alleged inaccurate information and the omission of
information by Porsche SE in connection with the
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Group management report
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