Porsche, the sports-car maker being bought by Volkswagen, has been raided by German prosecutors in an investigation of possible violations of securities law and market manipulation.
Officials seized documents from the Stuttgart headquarters yesterday, Porsche said.
The carmaker said it rejected the allegations and is cooperating with German authorities.
BaFin, the regulator, handed a complaint to the prosecutor's office after a proble 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 investigating former managers of Porsche including ex-CEO Wendelin Wiedeking and former chief financial officer Holger Haerter, Die Welt reported.
The two men, who left the company last month, "have declared full readiness to cooperate" with prosecutors, Porsche spokesman Frank Gaube said.
Volkswagen common shares extended their decline in the past six days to 36 per cent as Porsche exited the stock and short-sellers increase bets that losses may widen.
"Based on evidence provided by BaFin, we have opened a preliminary investigation into suspected market manipulation and unauthorised leaks of insider information," said Claudia Krauth, a spokeswoman for the prosecutor's office, declining to name individuals under investigation.
VW's common stock has retreated since Porsche said on August 14 that it was selling a majority of its VW options to Qatar.
The emirate paid 80 euros (Bt4,000) for each of the carmaker's common shares, Manager-Magazin said on Thursday, citing unidentified people close to Porsche.
The magazine added that Porsche also held options on VW's preferred stock and is selling them to Qatar.
VW common shares have more than tripled since 2006 as Porsche built a stake of more than 70 per cent in VW through stock and options during a four-year takeover effort.
Porsche has declined about 10 per cent in that period.
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