FRANKFURT, Feb 24 (Reuters) - The chief executive of Porsche is not worried about a U.S. lawsuit filed by a group of investment funds against the luxury carmaker for alleged securities fraud.
'It is probably not possible to drag us before a U.S. court,' Michael Macht told journalists in Stuttgart on Wednesday evening. He said Porsche does not have any manufacturing facility in the United States.
A group of U.S. funds filed a complaint with a New York court in January, alleging market manipulation during Porsche's attempted takeover of Volkswagen when it revealed in October 2008 it controlled about three-quarters of VW's voting stock, triggering a vicious short squeeze that hurt short-sellers.
Following a complaint from Germany's securities watchdog BaFIN, state prosecutors in Frankfurt launched an investigation into former Porsche managers Wendelin Wiedeking and Holger Haerter in connection with Porsche's takeover attempt of Volkswagen.
Macht said on Wednesday he had wondered about the information provided by the BaFIN to the state prosecutors in Frankfurt, adding that Porsche's moves at that time were made after consulting BaFIN.
Porsche did not violate any capital market regulations, Macht said, saying he has several expert's reports to back that up.
(Reporting by Henrik Sachmann; Writing by Marilyn Gerlach; Editing by Richard Chang) Keywords: PORSCHE/LAWSUIT (Reuters Messaging: marilyn.gerlach.reuters.com@reuters.net; 00 49 69 7565 1279) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'It is probably not possible to drag us before a U.S. court,' Michael Macht told journalists in Stuttgart on Wednesday evening. He said Porsche does not have any manufacturing facility in the United States.
A group of U.S. funds filed a complaint with a New York court in January, alleging market manipulation during Porsche's attempted takeover of Volkswagen when it revealed in October 2008 it controlled about three-quarters of VW's voting stock, triggering a vicious short squeeze that hurt short-sellers.
Following a complaint from Germany's securities watchdog BaFIN, state prosecutors in Frankfurt launched an investigation into former Porsche managers Wendelin Wiedeking and Holger Haerter in connection with Porsche's takeover attempt of Volkswagen.
Macht said on Wednesday he had wondered about the information provided by the BaFIN to the state prosecutors in Frankfurt, adding that Porsche's moves at that time were made after consulting BaFIN.
Porsche did not violate any capital market regulations, Macht said, saying he has several expert's reports to back that up.
(Reporting by Henrik Sachmann; Writing by Marilyn Gerlach; Editing by Richard Chang) Keywords: PORSCHE/LAWSUIT (Reuters Messaging: marilyn.gerlach.reuters.com@reuters.net; 00 49 69 7565 1279) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.