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Porsche's former CEO Wiedeking to stand trial over VW-share manipulation

Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over Volkswagen in 2008, Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed VW the chance to acquire Porsche and forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company multiple times in civil court for the same reason, but they have repeatedly failed.

Autocar pits Porsche 911 Turbo S against Formula 4 racer

There is a long-running argument among performance car fans: power vs. weight. In one corner you get cars generally with small engines making modest numbers but able to corner like they are telepathic, and in the other there are big thumping mills that are rocketships in a straight line but lumber in the turns. Autocar takes an interesting look this continuum in a recent video pitting a 552-hp Porsche 911 Turbo S against a 185-hp Formula 4 racecar. It hopes to find whether the Porsche's huge power advantage is enough to defeat the better grip and aero offered by the nimble racer.
There's no doubt that the Porsche is an utterly fantastic road car. The 911 Turbo looks mean with all of those intakes to suck in cool air, and it backs up the posture with huge amounts of grip available thanks to its all-wheel drive-system. However, at 3,538 pounds, it's a bit of a porker compared to the 1,135-pound Formula 4 car. The open-wheel car boasts just a 2.0-liter naturally aspirated four-cylinder from Ford and a six-speed sequential-manual gearbox, but it has loads of downforce to make up for it.
It shouldn't be a surprise that the formula car wins in the corners. After all, that's what it's made for. So do you think the massive horsepower superiority of the Porsche is enough to even the playing field? Scroll down to watch the video and find out, and even if you're not curious of the winner the 911 does some mean powerslides.

$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.