Porsche SE, the main shareholder of Volkswagen Group, is facing lawsuits from investors alleging the firm did not disclose the financial risks of Volkswagen’s emissions-cheating scandal, reports Automotive News Europe.
Neiding + Barth, a law firm based in Frankfurt, Germany, has filed 12 lawsuits against Porsche SE, while lawyer Andreas Tilp has submitted a further three suits.
Tilp is pushing a case worth over NZ$4.64 billion against Volkswagen which was filed on behalf of hundreds of investors. Tilp has previously represented investors in many cases over capital market-disclosure issues in Germany.
A Porsche spokesman says: “We consider all complaints to be unfounded.”
The spokesman noted that as a holding company, Porsche SE is principally not involved in Volkswagen’s operating business. The company is controlled by the Porsche and Piech families and holds 52.2 per cent of Volkswagen’s voting shares.
Porsche investors claim they lost out from the fall in Porsche SE preference shares after the emissions-cheating scandal was made public by US authorities last September.
The regional court in Stuttgart, Germany, where Porsche is based, has received 80 lawsuits against Porsche and Volkswagen.