A group of investment funds Monday filed a lawsuit in the U.S. against German sports car maker Porsche Automobil Holding SE (PAH3.XE), its former chief executive Wendelin Wiedeking and former chief financial officer Holger Haerter seeking to recover more than $1 billion in losses related to Porsche's ill-fated takeover bid for Volkswagen AG (VOW.XE).

The complaint, which was filed in federal court in Manhattan, "explains in detail how Porsche SE manipulated the price of VW stock as it secretly accumulated control over almost all of VW's freely traded shares," the funds said in a joint statement.

The investment funds include Elliott Associates LP, Glenhill Capital LP and Perry Partners LP. The funds are represented by U.S law firm Bartlit Beck Herman Palenchar & Scott LLP.

Porsche wasn't immediately available for comment.

-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512; christoph.rauwald@dowjones.com
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