Porsche Under Investigation by German Government
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Joined: Dec 2002
Posts: 1,505
From: Charleston, WV
Porsche Under Investigation by German Government
Not much here...but DAMN whats going on with Porsche?
They try to buy out VW & the next thing you know they are about bankrupt & VW is buying them!
http://blogs.edmunds.com/straightlin...overnment.html
They try to buy out VW & the next thing you know they are about bankrupt & VW is buying them!
According to a press release distributed by Porsche Automobile Holding SE, investigators from the public prosecutors office in Stuttgart arrived at the headquarters of the company this morning armed with search warrants. They proceeded to search the premises and seized numerous documents.
There is a suspicion of breaching the publication duty as prescribed by the German Stock Corporation Act and furthermore of market manipulation.
So in other words, the Porsche soap opera continues.
There is a suspicion of breaching the publication duty as prescribed by the German Stock Corporation Act and furthermore of market manipulation.
So in other words, the Porsche soap opera continues.
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Joined: Mar 2005
Posts: 3,123
From: Melbourne, Australia
It really is remarkable what has happened to a famous German sports car maker.
Wedeking was once Porsche's saviour... and now under investigation for bringing down Porsche (by using the debt to buy VW) in favor of personal gains made during the stock rise in VW.
Watching this space...
Wedeking was once Porsche's saviour... and now under investigation for bringing down Porsche (by using the debt to buy VW) in favor of personal gains made during the stock rise in VW.
Watching this space...
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Joined: May 2000
Posts: 210
From: Cincinnati, OH
It doesn't say they are bankrupt. They didn't properly report their financial statements to the German equivalent of the SEC on time. Also appears as though they may have made misleading statements regarding the health of the company or they may have possibly violated German rules rules regarding insider trading.
Registered User
Joined: Mar 2005
Posts: 3,123
From: Melbourne, Australia
It doesn't say they are bankrupt. They didn't properly report their financial statements to the German equivalent of the SEC on time. Also appears as though they may have made misleading statements regarding the health of the company or they may have possibly violated German rules rules regarding insider trading.
Thread Starter
Registered User
Joined: Dec 2002
Posts: 1,505
From: Charleston, WV
It doesn't say they are bankrupt. They didn't properly report their financial statements to the German equivalent of the SEC on time. Also appears as though they may have made misleading statements regarding the health of the company or they may have possibly violated German rules rules regarding insider trading.
Luxury carmaker Porsche came very close to bankruptcy in March. Only a dramatic rescue operation saved the company, but it's still on the skids.
They had piles of debt from trying to buy VW then the economy crashed & they coudn't continue to pay their bills....Porsche has a sales decrease of 51.6 % YTD All this lead to VW buying them up.....
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