Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Volkswagen AG (VWAGY) Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Volkswagen AG (“Volkswagen” or the “Company”) (OTC: VWAGY) American depositary receipts (“ADRs”) between March 29, 2021 and March 30, 2021, inclusive (the “Class Period”). Volkswagen investors have until March 15, 2022 to file a lead plaintiff motion.

If you suffered a loss on your Volkwagen investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/volkswagen-ag/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

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 in this class action 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) the name "Voltswagen" was never going to be used by the Company's U.S. subsidiary; (2) the Company and its spokespeople purposefully misled reporters, even after the reporters' inquiries about whether the name change was an April Fool's joke; and (3) as a result, Defendants' public statements and statements to journalists were materially false and/or misleading at all relevant times.

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If you purchased or otherwise acquired Volkswagen ADRs during the Class Period, you may move the Court no later than March 15, 2022 to ask the Court to appoint you 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 Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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