German sports-car maker Porsche Automobil Holding SE (PAH3.XE) will officially reject the claims filed by U.S. investment funds in a New York court alleging market manipulation and securities fraud related to its stake-building at Volkswagen AG (VOW.XE).

[Porsche] will demand to have the lawsuit dismissed and doesn't regard the [New York] court as having authority, a person familiar with the matter told Dow Jones Newswires Tuesday.

The deadline until which Porsche has to make a statement on the allegations expires at midnight New York time.

-By Katharina Becker, Dow Jones Newswires; +49 69 29725 500; djnews.frankfurt@dowjones.com
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