With the addition of the new plaintiffs, the funds -- now 35 in number -- Elsa Peretti Teardrop Pendant Silver Set to recover more than $2 billion dollars in losses suffered after Porsche SE triggered what The New York Times called "a short squeeze of historic proportions." The Amended Complaint, filed this morning in Manhattan federal court, explains in greater detail how Porsche SE manipulated the price of Return To TIFF stock as it secretly cornered the market in VW shares. According to the Amended Complaint, Porsche SE hid that it was cornering the market in VW's freely traded shares by repeatedly issuing misleading statements about its activities and by spreading purchases of call options around to several counterparties to avoid detection of its increasing control. Elsa Peretti Teardrop ring scheme induced the plaintiff funds to establish short positions on VW stock. When Porsche SE suddenly revealed the extent of its true control of VW shares on October 26, 2008, a massive short squeeze ensued. The price of VW shares skyrocketed several hundred percent, briefly topping 1,000 Euros. Investors who had shorted Elsa Peretti Teardrop set lost billions covering their positions in the squeeze. Porsche SE collected outrageous profits at the expense of plaintiffs and others by releasing some of its shares into the market at artificial prices. Today's filing reveals previously unknown details of Porsche SE's plan. The new allegations include that: Less than a week before Porsche SE revealed the truth -- that it had amassed control of more than 74 percent of VW's shares -- it conducted phone calls with investment advisors in New York during which Porsche SE sought to reassure the New York-based investment advisors that it was nowhere near 75 percent control.
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