Volkswagen AG (US TRADING VENUE: VLKAY)
On March 29, 2021, Volkswagen Group of America, Inc. (“VWoA”) published a “draft” of a press release announcing its purported name change to “Voltswagen” on its website for a short time. This “draft” had the incorrect date of “April 29.” On March 29, 2021, in response to the name change press release, multiple news agencies reported that they confirmed with Company insiders that the name change was real.
The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose 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' public statements and statements to journalists were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.