BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming November 24, 2015 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Volkswagen AG (“Volkswagen” or the “Company”) (OTC: VLKAY; VLKPY) securities between November 19, 2010 and September 21, 2015, inclusive (the “Class Period”). Investors who suffered losses on their investment in Volkswagen securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights.
Over the course of several disclosures Volkswagen has admitted to systematically cheating on U.S. air pollution tests for years, leaving the automaker vulnerable to billions in fines and possible criminal prosecution. The Company allegedly sold diesel Volkswagen and Audi cars with software that turns on full pollution controls only when the car is undergoing official emissions testing. However, during normal driving, the Company’s cars can pollute 10 times to 40 times the legal limits. U.S. authorities could fine the Company $37,500 per vehicle, and with 482,000 vehicles as part of the investigation, the total fine could be $18 billion.
The complaint alleges that the Company and its officers have intentionally misled consumers and investors regarding the Company’s compliance with applicable emissions standards. Investors in Volkswagen securities have been greatly injured by the Company’s disclosure that Volkswagen has intentionally misled U.S. and foreign authorities regarding its compliance with emissions standards by implementing a “cheating system” to evade detection of emissions that were multiples above the approved limits. When the truth was revealed to investors, shares of Volkswagen declined sharply in value.
If you purchased Volkswagen shares, you may move the Court no later than November 24, 2015 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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