BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Volkswagen AG (“Volkswagen” or the “Company”) (OTC: VWAGY) investors concerning the Company’s possible violations of federal securities laws.
On March 29, 2021, Volkswagen published a draft press release announcing its American subsidiaries’ supposed name change to “Voltswagen.” Media outlets reported that they confirmed with the Company that the name change was real. As reported by CNBC, “Volkswagen accidentally posted a press release on its website a month early on Monday announcing a new name for its U.S. operations, Voltswagen of America, emphasizing the German automaker’s electric vehicle efforts.” On this news, Volkswagen AG’s share price sharply rose.
On March 30, 2021, however, The Wall Street Journal published an article titled “No, Volkswagen Isn’t Rebranding Itself Voltswagen: German car maker says announcement by its U.S. operation was supposed to be an April Fools’ gag.” The article noted that “[i]nvestors have been clamoring for shares of companies involved in electric vehicles and have recently been pouring money into the stocks of established car makers with solid EV plans.” Other outlets reported that the Associated Press was repeatedly assured by Volkswagen that its U.S. subsidiary planned a name change, which was false.
On this news, Volkswagen AG’s share price fell more than 5% over the next two trading days, thereby injuring investors.
If you purchased Volkswagen shares, have information or would like to learn more about these claims, or 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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