STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Daimler AG (OTC: DDAIF, DDAIY) (“Daimler” or the “Company”) American Depositary Receipts (ADRs) during the period between February 22, 2012 and April 21, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until June 28, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company’s ADRs during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that, on average, almost every Mercedes model emits over 50% more CO2 on the road than in laboratory tests, BlueTEC vehicles release illegal levels of emissions in virtually all real world driving conditions, BlueTEC vehicles do not meet emission standards in virtually all real world driving conditions, BlueTEC vehicles emit illegal and dangerous levels of NOx at levels 65 times higher than those permitted by the EPA when operating in temperatures below 50 degrees Fahrenheit, BlueTEC vehicles produce average on-road NOx emissions that are 19 times higher than the U.S. standard and in some instantaneous readings as high as 65 times more than the U.S. limit, and while operating at low temperatures and at variable speeds, Mercedes vehicles emit NOx as high as 30.8 times more than U.S. and state emission standards.
According to the complaint, following a September 21, 2015 article which reported findings that Mercedes may be utilizing an illegal defeat device to sell cars that produce illegal levels of emissions, the February 18, 2016 filing of a class-action lawsuit alleging, among other things, that Mercedes knowingly programmed its diesel vehicles to emit illegal, dangerous levels of NOx, a February 28, 2016 Reuters article announcing that the EPA has requested information from Daimler in response the class-action lawsuit, an April 7, 2016 press release announcing that the complaint in the class-action lawsuit was amended to allege, among other things, that Mercedes BlueTEC vehicles likely contain a defeat device, and the April 21, 2016 announcement by Daimler that it is investigating “possible indications of irregularities” regarding its certification process of exhaust emissions in the United States at the request of the US Department of Justice, the value of Daimler ADRs declined significantly.
If you have suffered a loss from investment in Daimler ADRs purchased on or after February 22, 2012, and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.