Porsche 2012 Annual Report Download - page 224

Financials
Notes to the consolidated fi nancial statements
proceedings hearings took place on 27 June 2012. After Porsche SE and the plaintiff agreed on
security for the costs of the first instance of both proceedings, the Regional Court of Braun-
schweig postponed the decision on Porsche SE's remaining petitions until the end of the first
instance. A trial date for hearing the case has been set for 17 April 2013 in both proceedings.
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, based on allegations of market manipulation and inaccurate infor-
mation 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. The Regional Court of Stuttgart referred the action to the Regional
Court of Braunschweig. Porsche SE considers the alleged claims to be without merit and has
responded by filing a motion to dismiss. With their reply, four of the plaintiffs partially withdrew
their action in the amount of some €154 million. In December 2012 Porsche SE and six of the
plaintiffs concluded an agreement regarding security for the costs of the first instance. A trial
date for hearing the case has been set for 17 April 2013.
In December 2011, a market participant filed an action against Porsche SE at the Regional
Court of Braunschweig and asserted claims for damages against the company in the total
amount of some €1.5 million, based on allegations of market manipulation in connection with the
acquisition of a shareholding in Volkswagen AG in 2008. The plaintiff based the alleged damage
on alleged losses incurred due to a total of 205 investment decisions (comprising purchases and
sales of VW ordinary shares) on 27 October 2008. On 27 June 2012 a hearing took place. By
decision of 19 September 2012 the Regional Court of Braunschweig dismissed the claim. The
plaintiff did not appeal the judgment. Thus, the judgment has become final and binding.
In May 2012 a private investor had filed a motion for legal aid with the Regional Court of
Braunschweig. The applicant had announced its intention to file an action against Porsche SE in
the total amount of approximately €125,000. He had alleged that he had entered into options
relating to ordinary shares in Volkswagen AG in 2008 on the basis of inaccurate information and
the omission of information as well as market manipulation by Porsche SE and to have incurred
losses from these options due to the share price development in 2008 in the amount claimed. By
decision of 20 September 2012 the Regional Court of Braunschweig denied to grant the legal
aid sought by the applicant. The applicant did not appeal the decision within the appeal period.
Thereby, the legal aid proceedings ended.
In July 2012, an individual had substantiated his claim previously asserted out-of-court and
by reminder notice, entering thereby legal proceedings with the Regional Court of Stuttgart. The
plaintiff alleged that he entered into options in October 2008 speculating on a decreasing price
of Volkswagen AG’s ordinary shares and that he suffered losses in the amount of approximately
€146,000 due to the company's press release of 26 October 2008. After the filing of a motion to
dismiss by Porsche SE, the plaintiff withdrew his action. Thereby, the legal proceedings ended.
A further individual, who has previously initiated conciliatory proceedings against Porsche
SE, filed an action against the company in the amount of approximately €1.3 million with the
Regional Court of Stuttgart in August 2012. The plaintiff claims that he entered into options
3220