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Viking Global Investors filed a suit last Friday in the federal court in Manhattan against Porsche SE for its attempted takeover of Volkswagen AG.

The New York-based fund claims that what Porsche did was an illegal stock fraud scheme that cost the hedge fund at least $390 million.

This complaint follows a similar suit by US-based short sellers of VW stock who assert that Porsche surreptitiously cornered the market in VW shares in 2008 and later resulted to over $1 billion in losses. According to the suit, Viking took short positions on VW shares armed with the belief that the stock was overpriced.

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Viking Global sues Porsche for stock fraud scheme in VW takeover attempt

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