A lawsuit was filed on behalf of investors in Volkswagen AG (OTC:VWAGY) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/14/2021 -- An investor, who purchased shares of Volkswagen AG (OTC: VWAGY), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Volkswagen AG.
Investors who purchased shares of Volkswagen AG (OTC: VWAGY) have certain options and for certain investors are short and strict deadlines running. Deadline: June 29, 2021. OTC: VWAGY investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On March 29, 2021, CNBC published an article entitled "VW accidentally leaks new name for its U.S. operations: Voltswagen" stating that "Volkswagen is expected to change the name of its operations in the U.S. to 'Voltswagen of America,' emphasizing the German automaker's electric vehicle efforts" and that "[a] now unpublished press release called the change a 'public declaration of the company's future-forward investment in e-mobility.'"
Then on March 30, 2021, the Wall Street Journal published an article entitled "No, Volkswagen Isn't Rebranding Itself Voltswagen" which stated "[t]he name change stunt comes as the company is eager to get U.S. consumers jazzed about the ID. 4, which went on sale in U.S. showrooms this month." The article also stated that "problem for VW is that everyone took it seriously, creating confusion about the company's intentions and moving the shares[.]" Due to the earlier news, the article stated "[i]n the U.S., the company's American depositary receipts rose as much as 12% Tuesday before sliding near the close after the company confirmed the name change was a joke, closing up 9%."
Shares of Volkswagen AG (OTC: VWAGY) declined from $48.72 per share on March 17, 2021, to $30.45 per share on May 5, 2021.
The plaintiff claims that between March 29, 2021 and March 30, 2021, the defendants made false and/or misleading statements and/or failed to disclose that "Voltswagen" was never going to be used by the Volkswagen, Volkswagen Group of America, Inc. ("VWoA"), or on any relevant vehicle, that Volkswagen, VWoA, and their spokespeople purposefully misled reporters regarding the now-purported "joke" and/or "promotion", and that as a result, Defendants' public statements and statements to journalists were materially false and/or misleading at all relevant times.
Those who purchased shares of Volkswagen AG (OTC: VWAGY) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.