Porsche 2012 Annual Report Download - page 123

amount of some 154 million euro. In December
2012 Porsche SE and six of the plaintiffs conclud-
ed 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 euro, based on allegations of
market manipulation in connection with the acqui-
sition 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 Sep-
tember 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 euro. He
had alleged that he had entered into options relat-
ing to ordinary shares in Volkswagen AG in 2008
on the basis of inaccurate information and the
omission of information as well as market manipu-
lation by Porsche SE and to have incurred losses
from these options due to the share price devel-
opment in 2008 in the amount claimed. By deci-
sion 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 proceed-
ings 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 euro 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 initiat-
ed conciliatory proceedings against Porsche SE,
filed an action against the company in the amount
of approximately 1.3 million euro with the Regional
Court of Stuttgart in August 2012. The plaintiff
claims that he 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 that he incurred losses from these
options due to the share price development in
2008 in the amount claimed. The Regional Court of
Stuttgart referred the action to the Regional Court
of Braunschweig by decision of 17 October 2012.
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