STUTTGART -- Stuttgart prosecutors have extended a probe into market manipulation during Porsche's failed bid to take over Volkswagen to all members of Porsche SE's supervisory board, including chairman Wolfgang Porsche and his cousin, Ferdinand Piech.
All members of the 12-person board between March 2008 and October 2008, including labor representatives, are being looked at. Prosecutors are reviewing whether the board members aided former CEO Wendelin Wiedeking and finance chief Holger Haerter in market manipulation during that period, a spokesman for the prosecutors office said.
The move follows a decision by prosecutors last December to charge Wiedeking and Haerter with market manipulation of VW shares during Porsche SE's botched 2008-09 takeover attempt of much larger VW.
Porsche SE still faces civil lawsuits seeking more than 4 billion euros ($5.36 billion) in a Braunschweig, Germany, court over the issue. Porsche and its former executives have rejected the allegations.
A New York court in December threw out a lawsuit by 26 hedge funds accusing Porsche of hiding a plan to corner the market in Volkswagen shares. The hedge funds agreed not to appeal the U.S. ruling after striking a deal with Porsche that allows them to sue in Germany.