Glancy Prongay & Murray LLP Reminds Investors of Impending Deadline in Class Action Lawsuit Against Volkswagen AG (VWAGY)
LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming March 15, 2022 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors who purchased or otherwise purchased American Depositary Receipts (“ADRs”) of Volkswagen AG (“Volkswagen” or the “Company”) (OTC: VWAGY). have acquired March 29, 2021 and March 30, 2021inclusive (the “Class Period”).
If you have suffered a loss on your Volkswagen investments or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/volkswagen-ag/. You may also contact GPM’s Charles H. Linehan at 310-201-9150, toll-free at 888-773-9224, or email [email protected] to learn more about your rights.
On March 29, 2021, Volkswagen issued a draft press release announcing the alleged name change of its American subsidiaries to “Voltswagen”. Media outlets reported that they had confirmed with the company that the name change was genuine. As reported by CNBC, “Volkswagen accidentally published a press release on its website a month early on Monday announcing a new name for its US operations, Voltswagen of America, highlighting the German automaker’s electric vehicle efforts. ‘ Following this news, the share price of Volkswagen AG rose sharply.
However, on March 30, 2021, The Wall Street Journal published an article titled “No, Volkswagen Isn’t Rebranding Itself Voltswagen: German Automaker Says Announcement of Its U.S. Subsidiary Should Be an April Fool’s Joke.” The article noted that “[i]Investors have been scouring stocks of companies involved in electric vehicles and have recently poured money into the stocks of established automakers with solid EV plans.” Other outlets reported that the Associated Press has been repeatedly assured by Volkswagen that its US subsidiary will have a name change plan which was wrong.
As a result of this news, the share price of Volkswagen AG fell by more than 5% in the next two trading days, hurting investors.
The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors that: (1) the name “Voltswagen” would never be used by the company’s US subsidiary; (2) the company and its spokespersons intentionally misled reporters even after reporters inquired whether the name change was an April Fool’s joke; and (3) as a result, Defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.
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If you purchased or otherwise acquired Volkswagen ADRs during the class action period, you may appeal to the court no later than March 15, 2022 to seek appointment as lead plaintiff in this putative class action. You do not have to take any action at this time to become a member of the Class; You may retain counsel of your choice, or do nothing and remain an absentee member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests related to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected] or visit our website at www.glancylaw.com. If inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be considered an attorney’s advertisement in some jurisdictions under applicable laws and ethics rules.