(Bloomberg) Former Porsche Chief Executive Officer Wendelin Wiedeking and ex-Chief Financial Officer Holger Haerter were acquitted of charges of manipulating Volkswagen AG shares during a failed takeover, a decision that may derail hedge-fund lawsuits seeking billions over the issue.
The decision is a boost for Porsche, which is facing civil lawsuits by investors alleging that the pair had secretly plotted for months to acquire a majority in VW while misleading markets about the plan. The trial of the two former executives, which began in October, ended Friday with dismissive remarks by the judge who cited a long list of bad conclusions by prosecutors.
