Breaking: German Prosecutors Raid Porsche Offices Over Possible "Market Manipulation"
Earlier today German federal prosecutors raided Porsche’s offices in Stuttgart in search of documents that would reveal illegal business practices. The raid stems from Porsche’s failed takeover attempt of Volkswagen, with the prosecutors office alleging, “a breach of public disclosure requirements and market manipulation.”
In a statement released by Porsche the German sports car maker said that documents were sized but that it denies the accusations and has agreed to cooperate fully with the prosecutors office.
German newspaper Die Welt has reported that both former CEO Wendelin Wiedeking (pictured above) and former CFO Holger Haerter are being investigated for insider trading.
Both men were recently ousted from Porsche by the company’s board after the failed attempt to take over Volkswagen was settled with a merger of sorts. In the process, however, Porsche accumulated a 51% share of Volkswagen stock.
With AutoGuide from its launch, Colum previously acted as Editor-in-Chief of Modified Luxury & Exotics magazine where he became a certifiable car snob driving supercars like the Koenigsegg CCX and racing down the autobahn in anything over 500 hp. He has won numerous automotive journalism awards including the Best Video Journalism Award in 2014 and 2015 from the Automotive Journalists Association of Canada (AJAC). Colum founded Geared Content Studios, VerticalScope's in-house branded content division and works to find ways to integrate brands organically into content.
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