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VIKING GLOBAL EQUITIES, LP v. PORSCHE AUTOMOBIL HOLDING SE

8895, 650435/11, 5519, 650678/11.

101 A.D.3d 640 (2012)

958 N.Y.S.2d 35

2012 NY Slip Op 9166

VIKING GLOBAL EQUITIES, LP, et al., Respondents, v. PORSCHE AUTOMOBIL HOLDING SE, Formerly Known as DR. ING. H.C.F. PORSCHE AG, Appellant. GLENHILL CAPITAL LP et al., Respondents, v. PORSCHE AUTOMOBIL HOLDING SE, Formerly Known as DR. ING. H.C.F. PORSCHE AG, Appellant.

Appellate Division of the Supreme Court of New York, First Department.

December 27, 2012.

In these consolidated actions for fraud and unjust enrichment, plaintiff hedge funds allege that they sustained losses as a result of misrepresentations made by defendant relating to its intention to acquire shares in nonparty Volkswagen AG (VW). Plaintiffs allege that they were fraudulently induced into making short sales in VW stock in reliance on defendant's public and private assurances that it had no present intention to acquire a 75% stake in VW, and that when defendant...

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