NEW YORK--(BUSINESS WIRE)--TheGrantLawFirm, PLLC (the “GrantFirm”) has commenced an investigation into a potential Federal securities class action against Volkswagen AG (“Volkswagen” or the “Company”) on behalf of purchasers of Volkswagen U.S. traded ADRs (OTC: VLKAY) and preferred ADRs (VLKPY). The securities plunged by almost 20% after it was announced that Volkswagen had installed "defeat devices" on many of its most recent diesel car models.
According to the EPA, Volkswagen used a device programmed to detect when the cars are undergoing official emissions testing. The software device then turns off the emissions controls during normal driving situations, allowing the cars to emit more than the legal limit of pollutants. Using a “defeat device” in cars to evade clean air standards is illegal and a threat to public health.
This investigation focuses on whether the Company misled its investors by failing to disclose its intent to avoid compliance with emission controls by installing “defeat device” in the following diesel models: Audi A3 (2009 - 2015 models); Beetle (2009 - 2015 models); Golf (2009 - 2015 models); Jetta (2009 - 2015 models) and Passat (2014 - 2015 models).
If you purchased or otherwise acquired Volkswagen ADRs before September 19, 2015, and have questions about your legal right or would like to discuss this investigation, please contact Lynda J. Grant at email@example.com. Lynda J. Grant has been representing wronged investors and consumers for over 30 years, and was recently selected as a New York Metro Superlawyer.