Pomerantz law firm investigates claims
NEW YORK, May 26, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP is investigating claims on behalf of investors of Volkswagen Aktiengesellschaft (“Volkswagen” or the “Company”) (OTCMKTS: VLKAY; VLKPY). These investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation examines whether Volkswagen and any of its officers and / or directors have engaged in securities fraud or other illegal business practices.
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March 30, the Wall Street newspaper published a “WSJ News Exclusive” titled “No, Volkswagen is not rebranding itself Voltswagen: German automaker says announcement of its US operation was supposed to be an April Fool’s Day gag order[.]” The the Wall Street newspaper The article reported, in a relevant part, that “the U.S. subsidiary of Volkswagen AG said on Tuesday that the company would rename itself Voltswagen of America to promote its electric car strategy, but a spokesperson for the parent company in Germany said later said this decision was a joke.
On March 31, 2021, further reports were published on how Volkswagen, Volkswagen of America and its spokespersons deliberately misled journalists. For example, ABC News ran an article titled, “An Unwanted Prank: Volkswagen Deliberately Tricks Journalists: Journalists Are Reluctant To Look For Pranksters Around April Fool’s Day, But This Time It’s From A Multi-Billion Dollar Company .[.]”
On this news, the price of Volkswagen’s American Depositary Receipt (“ADR”) fell $ 2.14 per ADR, or more than 5%, over the next two full trading days, to close at 35, $ 58 per ADR on April 1, 2020, which damaged investors.
Pomerantz, with offices in New York, Chicago, Florida and Los Angeles, is recognized as one of the leading firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, Pomerantz was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous indemnities of several million dollars on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby