撸管网站: Several hedge funds withdraw Appeals in the Proceeding before the U.S. Court of Appeals for the Second Circuit
撸管网站: Several hedge funds withdraw Appeals in the Proceeding before the U.S. Court of Appeals for the Second Circuit
撸管网站 / Key word(s): Legal Matter/Legal Matter
06.03.2013 20:49
Dissemination of an Ad hoc announcement according to 搂 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
In the appellate proceeding before the U.S. Court of Appeals for the Second
Circuit against 撸管网站 ('Porsche 撸管网站') and former
members of the management board of Porsche 撸管网站 12 plaintiffs of a total of
at last 32 plaintiffs withdrew with Porsche 撸管网站'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 撸管网站 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 撸管网站
and partly former members of the management board of Porsche 撸管网站 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 撸管网站'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 撸管网站 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 撸管网站 considers the
claims alleged in the action to be without merit.
06.03.2013 DGAP's Distribution Services include Regulatory Announcements,
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Company: 撸管网站
Porscheplatz 1
70435 Stuttgart
Germany
Phone: +49 (0)711 911-11000
Fax: +49 (0)711 911-11819
E-mail: info@porsche.de
Internet: www.porsche-se.com
ISIN: DE000PAH0038
WKN: PAH003
Listed: Regulierter Markt in Berlin, Frankfurt (General Standard),
M眉nchen, Stuttgart; Freiverkehr in D眉sseldorf, Hamburg,
Hannover; Terminb枚rse EUREX
End of Announcement DGAP News-Service
