Court to Postpone Verdict on Former Porsche Managers

By Ilka Kopplin 

FRANKFURT--A regional court in Stuttgart will postpone its verdict on whether former Porsche SE managers Wendelin Wiedeking and Holger Härter were guilty of market manipulation during Porsche's failed attempt to take over Volkswagen AG in 2008.

The court was set to announce a verdict on March 4, but on Wednesday it changed this plan, saying it wants more time to review evidence.

A new date for the verdict hasn't been determined yet, Stuttgart's regional court said Thursday.

"The court's decision is based on last week's pleadings from prosecutors, " a court spokeswoman told Dow Jones Newswires.

Investigators have potentially brought up new aspects in the matter, and the court wants to examine these, she said. The court will likely try to summon one or two more witnesses, although this hasn't been decided yet, she said.

A spokesman for Porsche SE welcomed the court's announcement.

"We're encouraging the inclusion of further documents in the hearing," he said.

A spokesman for Mr. Wiedeking said the step could lead to a quick end to the process and be helpful in removing final doubts.

In their pleadings last Thursday, prosecutors said they were convinced that the two former managers mislead investors by making incorrect statements during Porsche's takeover attempt with the aim of manipulating Volkswagen shares.

Prosecutors are demanding a prison sentence of two years and six months for Mr. Wiedeking and two years and three months for Mr. Haerter. They are also demanding that both ex-managers be charged with a fine of EUR1 million ($1.1 million).

Write to Ilka Kopplin at [e-mail]

(END) Dow Jones Newswires

February 25, 2016 11:54 ET (16:54 GMT)

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