Porsche Headquarters Raided For Stock Manipulation Investigation
The world's formerly largest hedge fund, which had a luxury car maker subsidiary is about to meet its regulator maker, the BaFIN . Only took them about a year. Which is still one tenth the lag demonstrated by their US counterparts. From Bloomberg:
Porsche SE, the German sports-car
maker being bought by Volkswagen AG, was raided by German
prosecutors in an investigation of possible violations of
securities law and market manipulation.
Officials seized documents from the company’s Stuttgart
office this morning, Porsche said in a statement. The carmaker
said it rejects the allegations and is fully cooperating and
Wiedeking and Haerter “have declared full readiness to
cooperate” with prosecutors, Porsche spokesman Frank Gaube said
in an interview today. The two left the company last month.
“Based on evidence provided by Bafin, we have opened a
preliminary investigation into suspected market manipulation and
unauthorized leaks of insider information,” Claudia Krauth, a
spokeswoman for the prosecutor’s office, said by phone,
declining to name individuals under investigation.
One wonders if the shorts who lost a mint in October will get to recoup anything as a result of this, or will they merely get allocated a few hundred billion in the upcoming Treasury auctions below cost so they can flip them to the witless indirects.