• Company
  • Description
  • Recovery Amount
  • Porsche and Volkswagen
  • Porsche and Volkswagen
  • Active

 

Germany

G&E, along with German counsel, is prosecuting claims in a German court against Porsche and Volkswagen arising out of the “short squeeze” orchestrated by Porsche with respect to Volkswagen shares in 2008. The claims arise out of losses suffered by investors who engaged in short sales and other transactions respecting Volkswagen stock and who were injured by Porsche’s allegedly false and misleading statements concerning its lack of intention to increase its holdings of Volkswagen stock. On behalf of its clients, G&E initially filed claims in the U.S. under the federal securities laws, but after the Supreme Court’s decision in Morrison v. National Australia Bank, G&E looked for an alternative forum in which the investors might be able to recover their losses, and a case was filed in Germany in late 2011 asserting claims under German corporate and tort law. A large number of institutional investors, from both the U.S. and Europe, have joined the case, asserting damages in excess of $1 billion. On April 13, 2016, the court in Hanover granted G&E’s application to have the case treated as a model proceeding. On December 5, 2016, our plaintiff was officially appointed by the court as model plaintiff.