Porsche Automobil Holding SE: Several hedge funds withdraw Appeals in the Proceeding before the U.S. Court of Appeals for the Second Circuit
Porsche Automobil Holding SE / Key word(s): Legal Matter/Legal Matter
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In the appellate proceeding before the U.S. Court of Appeals for the Second
Circuit against Porsche Automobil Holding SE ('Porsche SE') and former
members of the management board of Porsche SE 12 plaintiffs of a total of
at last 32 plaintiffs withdrew with Porsche SE's consent their appeal
against the decision of the U.S. District Court for the Southern District
of New York dismissing their actions. The effectiveness of the withdrawal
of the appeal still requires the acceptance by the court. The appellate
proceeding concerning the remaining 20 plaintiffs remains unaffected by the
withdrawal of the appeal. Porsche SE still considers the actions to be
inadmissible and the alleged claims to be without merit.
Altogether 46 hedge funds had filed actions for damages against Porsche SE
and partly former members of the management board of Porsche SE in the U.S.
District Court for the Southern District of New York and alleged damages of
more than USD 2.5 billion in the aggregate. The plaintiffs had alleged
claims based on the U.S. securities law and common law arising out of
Porsche SE's acquisition of and disclosures regarding Volkswagen ordinary
shares in 2008. The U.S. District Court for the Southern District of New
York had dismissed the actions in December 2010 in the first instance. 32
plaintiffs had appealed that decision.
As for the 12 plaintiffs, including inter alia hedge funds of the Elliott
group, withdrawing their appeal before the U.S. Court of Appeals for the
Second Circuit, an action for damages against Porsche SE is pending before
the Regional Court of Braunschweig since the end of the year 2011 which
remains unaffected by the withdrawal of the appeal. In this action the
plaintiffs alleged at last an overall damage of about EUR 1.8 billion
whereby it remained unclear to which extent such damage comprised as well a
damage already asserted before the U.S. Court. Porsche SE considers the
claims alleged in the action to be without merit.
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Company: Porsche Automobil Holding SE
Phone: +49 (0)711 911-11000
Fax: +49 (0)711 911-11819
Listed: Regulierter Markt in Berlin, Frankfurt (General Standard),
München, Stuttgart; Freiverkehr in Düsseldorf, Hamburg,
Hannover; Terminbörse EUREX
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