German prosecutors have raided Porsche's headquarters today after financial market regulator Bafin filed charges with the Stuttgart prosecutor's office in connection with suspected market manipulation relating to Volkswagen shares.
According to information provided by the public prosecutor's office in charge of investigations, there is a suspicion of breaching the publication duty as prescribed by the German Stock Corporation Act and furthermore of market manipulation.
Bafin declined to comment on whether specific individuals were being investigated or comment on the exact period under investigation.
VW's majority shareholder Porsche, which tried in vain to take over Europe's biggest carmaker, said prosecutors had searched its offices and seized documents.
Porsche said: “Porsche is rejecting these allegations. The company is cooperating in the efforts of the public prosecutor's office and is offering investigating officials its full support in order to clarify the issue as quickly as possible.”