NEW YORK, May 11, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Volkswagen Aktiengesellschaft ("Volkswagen" or the "Company") (OTCMKTS: VLKAY; VLKPY). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Volkswagen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 30, the Wall Street Journal published a "WSJ News Exclusive" entitled "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 Wall Street Journal article reported, in pertinent part, that "Volkswagen AG's U.S. subsidiary said Tuesday the company would rebrand itself as Voltswagen of America to promote its electric car strategy, but a spokesman for the parent company in Germany later said the move was a joke."
On March 31, 2021, further reports regarding how Volkswagen, Volkswagen of America, and its spokespeople purposefully misled to reporters were published. For example, ABC News published an article entitled "An unwelcome prank: Volkswagen purposely hoodwinks reporters: Journalists are wary of looking out for pranksters around April Fool's Day, but this time it came from a multi-billion dollar corporation[.]"
On this news, Volkswagen's American Depositary Receipt ("ADR") price fell $2.14 per ADR, or over 5%, over the next two full trading days, to close at $35.58 per ADR on April 1, 2021, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP