LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming June 29, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Volkswagen AG (“Volkswagen” or the “Company”) (OTC: VWAGY) securities between March 29, 2021 and March 30, 2021, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) “Voltswagen” was never going to be used by the Volkswagen, Volkswagen Group of America, Inc. (“VWoA”), or on any relevant vehicle; (2) Volkswagen, VWoA, and their spokespeople purposefully misled reporters regarding the now-purported “joke” and/or “promotion”; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Volkswagen securities during the Class Period, you may move the Court no later than June 29, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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