Porsche announced today that investigative proceedings led by the public prosecutor’s office were carried out at Porsche Automobil Holding SE and Dr. Ing. h.c. F. Porsche AG, both in Stuttgart.
“This Thursday morning, officials from the public prosecutor’s office in Stuttgart with judicial search warrants arrived at the administrative headquarters of the companies in Stuttgart-Zuffenhausen,” Porsche said in a statement. “The officials then searched the business premises of the companies, seizing numerous business documents in the process.”
Apparently, there is a suspicion of breaching the publication duty as prescribed by the German Stock Corporation Act and furthermore of market manipulation.
“Porsche is rejecting these allegations,” Porsche said. “The company is cooperating in the efforts of the public prosecutor’s office and is offering investigating officials its full support in order to clarify the issue as quickly as possible.”
Porsche’s former CEO Wendelin Wiedeking and his former finance chief are also under investigation.
– By: Stephen Calogera
Source: Detroit News and Porsche