Porsche 2012 Annual Report Download - page 41

2008 in the amount claimed. On 27 June 2012 a
hearing took place. By decision of 19 September
2012 the Regional Court of Braunschweig dis-
missed the claim. The plaintiff did not appeal the
judgment. Thus, the judgment has become final
and binding.
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 euro, based on allegations of market
manipulation in connection with the acquisition of a
shareholding in Volkswagen AG in 2008. The plain-
tiff 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 dis-
missed the claim. The plaintiff did not appeal the
judgment. Thus, the judgment has become final and
binding.
In September 2012, a further company filed an
action against Porsche SE in the amount of approx-
imately 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 relat-
ing to ordinary shares in Volkswagen AG in 2008 on
the basis of inaccurate information and the omis-
sion of information by Porsche SE and that it in-
curred 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 has responded by filing a motion
to dismiss. A trial date for hearing the case has
been set for 30 October 2013.
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.
For further explanations of the litigation de-
scribed above, other damage claims asserted, and
the investigations of the Stuttgart public prosecutor
relating to other proceedings regarding sharehold-
ers’ actions, we refer to the subsection “Litigation
risk” in the risk report of Porsche SE of this man-
agement report. Porsche SE considers all the dam-
ages claims asserted in the USA and England to be
legally insufficient and without merit and all the
damages claims asserted in Germany to be without
merit and will defend itself against them.
Significant events at the
Porsche Holding Stuttgart GmbH group
The events presented below relate to the peri-
od from 1 January to 31 July 2012. Since 1 August
2012, 100 percent of the shares in Porsche Holding
Stuttgart GmbH have been held by Volkswagen
AG. Events since this date are therefore presented
in the subsection “Significant events at the
Volkswagen group” in this section of the manage-
ment report.
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