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Investors Sue Porsche SE Over Losses from VW Diesel Scandal
Dozens of Porsche Automobil Holding SE shareholders have sued the company, which controls 52% of Volkswagen AG's voting shares, for failing to promptly disclose the financial risk of VW’s year-old diesel emission cheating scandal.
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Dozens of Porsche Automobil Holding SE shareholders have sued the company, which controls 52% of Volkswagen AG's voting shares, for failing to promptly disclose the financial risk of VW’s year-old diesel emission cheating scandal.
The shareholders claim Porsche SE should have reported the risks months ago. The holding company contends the complaints are unfounded because Porsche SE has no direct involvement in VW operations.
On Tuesday the Stuttgarter Zeitung reported that the regional court in Porsche’s hometown of Stuttgart has received 80 such lawsuits. Reuters says another 15 similar complaints have been filed by a German law firm which specializes in market disclosure issues.
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