Prosecutors Raid Porsche Headquarters Seeking Evidence Of Stock Manipulation

 Porsche SE, the sports-car maker being bought by Volkswagen AG, was raided by German prosecutors in an investigation of possible violations of securities law and market manipulation.

Officials seized documents from the Stuttgart headquarters this morning, Porsche said in a statement. The carmaker said it rejects the allegations and is cooperating with German authorities. BaFin, the regulator, handed a complaint to the prosecutor’s office after a probe into Porsche’s attempt to gain control of VW, said Anja Engelland, an agency spokeswoman. BaFin also is examining movements in VW securities in “recent days.”

Prosecutors are investigating former managers of Porsche including ex-Chief Executive Officer Wendelin Wiedeking and former Chief Financial Officer Holger Haerter, Die Welt reported earlier today. The two men, who left the company last month, “have declared full readiness to cooperate” with prosecutors, Porsche spokesman Frank Gaube told Bloomberg News.

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