After an eight-year saga, the former CEO of Porsche, Wendelin Wiedeking, has been acquitted of alleged market manipulation.
A court in Stuttgart also rejected the same charges against his ex-colleague and former CFO, Holger Haerter.
The two former executives both faced charges relating to Porsche's infamous attempt to take over Volkswagen (VW) in 2008.
Stuttgart regional court Judge Frank Maurer said Friday the court had come to a clear decision and a conviction would not have been "rationally justifiable".
"The board had no secret plan," he said.
At the time, Porsche's plan was to hoover up derivatives contracts to quietly build a stake in Volkswagen.
Some hedge funds had bet heavily against VW, as the auto industry slowed in the wake of the financial crisis.
But when details of Porsche's plot emerged, VW shares spiked from 200 euros to more than 1000 euros, briefly capitalizing VW as the most valuable car company in the world.
In turn, those hedge funds who had bet heavily against VW encountered heavy losses.
Friday's ruling in the criminal case will come as a blow to hedge funds that have instigated separate civil suits against Porsche.