Porsche 2012 Annual Report Download - page 225

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 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. 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
approximately €213 million with the Regional Court of Braunschweig. The action comprises
alleged own and assigned claims. The claims were asserted before out-of-court and in concilia-
tory 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 develop-
ment 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
inaccurate information or the omission of information, for a total of approximately €31 million.
Porsche SE considers the alleged claims to be without merit and has filed an objection against
the reminder 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has withdrawn its motion for contradictory proceedings. In another case the plaintiff had sub-
stantiated its alleged claim in the meantime, as mentioned above, but subsequently withdrew his
action.
On 28 February 2012, an investment fund asserted an out-of-court claim for alleged damag-
es in the amount of some USD 195 million 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. Porsche 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 scheduled yet. On 18 June
2012, the investment fund filed an action against Porsche SE with the Commercial Court in
England. The claim form was transmitted to Porsche SE on 28 November 2012. Porsche SE has
moved for a stay of the proceedings 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 acquisition of a stake in
Volkswagen AG during 2008. Two of the market participants had effected service of the above
mentioned reminder notices before. The total amount claimed by the three market participants
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