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$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.

VW pits Foust against Winslow in epic sound-effects battle

Tanner, we feel your pain. You are, by all accounts, an excellent driver. You've won races, starred in television shows, and generally proven yourself a nice all-around guy. And then Volkswagen shows up and asks you to be as childish as possible for a couple laughs on video as you make pretend driving sounds for the German brand's latest ad campaign. How demeaning. And then, to top it all off, they bring Michael Winslow, the king of noise-making merriment, to one-up you. How could they? Just kidding. Really, the videos you see above and below are pretty clever, highlighting the same 18th letter of the alphabet that is affixed to the Golf R, a car we're deeply in lust with. And, to be honest, Tanner's goofy driving sounds are just as good as Mr. Winslow's. See for yourself. And if you feel like acting out your own inner child on VW's behalf, feel free to click here. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. NEW VOLKSWAGEN 'UNLEASH YOUR RRRR' CAMPAIGN ALLOWS USERS TO DRIVE A VIRTUAL GOLF R WITH SOUND OF VOICE Deep learning, an artificial intelligence subset of machine learning, analyzes each unique vocal pitch to create customized film of Golf R driving in sync with the sound of the user's voice Herndon, VA (July 13, 2015) — Volkswagen of America, Inc., is excited to unveil the Unleash Your Rrrr site that allows Volkswagen fans to drive a virtual Golf R using only the sound of voice. The web app utilizes deep learning, an artificial intelligence subset of machine learning, developed by VW's agency of record Deutsch LA, to analyze each user's unique impression of the Golf R engine's roar. It then generates a customized video of the 292-hp turbocharged Golf R model roaring through a race track, drifting, braking, among other cool stunts that correspond with the user's voice recording. "The idea behind the Golf R 'Unleash Your Rrrr' was simple – imagination. As children, we've all played with toy cars, and the power of our imaginations allowed us to turn rugs into expressways and wooden floors into slick racetracks. Our voice would act as the engine. Fast forward to today where we now have the power of technology to enhance our imagination, and to visualize the power of our voice." said Vinay Shahani, Vice President of Marketing for Volkswagen of America.

Winterkorn receives support of VW board, leadership battle continues

Strange things have been happening - in public, that is - at Volkswagen over the past few weeks, kicked off when VW Group chairman Ferdinand Piech reportedly said he didn't want Group CEO Martin Winterkorn to be the next company chairman, and that he was keeping Winterkorn "at a distance." Winterkorn's ascension was widely believed to be a fait accompli. We were really just waiting for office furniture and desk plaques to be moved around. That led to a meeting of the six-member supervisory board's leadership committee in Piech's office in Salzburg, Austria, not at Group HQ in Wolfsburg, Germany, where the five other members of the committee came out in support of Winterkorn. They also suggested they might extend his contract when it ends in 2016, and then gave Piech an ultimatum to agree to public support of the CEO or they would demand Piech's resignation. At the same time, the company's labor reps and the German state of Lower Saxony issued statements supporting Winterkorn. It's said that the chairman has a number of gripes with the CEO, prime among them being the state of the company's US business for the core Volkswagen brand. Market share has dropped to two percent in the United States and Winterkorn admitted that his team hasn't been properly engaged with our market. Years of effort put into a budget car haven't resulted in much except the company saying it finally knew how to do one, and that was a year ago. It's losing share in Brazil, overall profit margins are down, BMW is taking possession of the green-car credentials among German brands, and it's said that Piech doesn't believe Winterkorn has the vision to do what's necessary. Having agreed to play along and now in "diplomacy phase," some say a little light has gone out of Piech's star inside the company, while others wonder if this battle is truly over. Related Video: News Source: Automotove News - sub. req.Image Credit: JOHANNES EISELE/AFP/Getty Images Hirings/Firings/Layoffs Volkswagen martin winterkorn volkswagen group