WASHINGTON, DC (August 30, 2017) — U.S. Market Advisors Law Group PLLC announces that a securities class action has been filed against Volkswagen AG (“Volkswagen” or the “Company”)(OTC: VLKPY, VLKAY). The class action is on behalf of investors who acquired Volkswagen securities in the U.S. between March 14, 2013 and July 26, 2017.
Investors with losses have until October 30, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. The Lead Plaintiff is a representative for absent members of the class. Investors do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action. Contact USMA Law Group to discuss this action.
Allegations Against Volkswagen
Defendant Volkswagen manufactures and sells automobiles primarily in Europe, North America, South America, and the Asia-Pacific.
The Complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Volkswagen wrongfully colluded with other auto manufacturers on technology and supplier for decades; (2) as a result, Volkswagen’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On July 21, 2017, Bloomberg reported on the Company’s potential antitrust collusion, stating in part:
Volkswagen, Daimler AG and BMW AG shares tumbled on concerns about potential antitrust collusion, adding to burdens from recalls of diesel vehicles.
Daimler and Volkswagen informed antitrust regulators about decades of talks among German automakers on auto technology that may have breached cartel rules, Spiegel magazine reported Friday, citing a document submitted by Volkswagen in July 2016 and referencing another from Daimler. Germany’s Federal Cartel Office wasn’t immediately available to comment. Volkswagen, Daimler and BMW declined to comment.
BMW, Daimler and Volkswagen’s VW, Audi, Porsche brands met starting in the 1990s to coordinate activities related to their vehicle technology, costs, suppliers and strategy as well as emissions controls in diesel engines, Spiegel reported. The discussions involved more than 200 employees in 60 working groups in areas including auto development, gasoline and diesel motors, brakes and transmissions. Talks may have also involved the size of tanks for AdBlue fluid for diesel autos, the magazine reported.
On this news, shares of VLKAY fell $1.77 per share or over 5% over the next three trading days to close at $31.94 per share on July 25, 2017 and shares of VLKPY fell $2.04 per share or over 6% over the next three trading days to close at $31.17 per share on July 25, 2017, damaging investors.
On July 26, 2017, Bloomberg reported during aftermarket hours that a putative class action lawsuit has been filed against the Company seeking damages under U.S. antitrust and consumer protection laws based news that German automakers might have illegally colluded on a range of technical and pricing issues and the EU competition commission’s investigation of a possible cartel involving all five of the big German automakers.
On this news, shares of VLKAY fell $0.66 per share or over 2% to close at $31.69 per share on July 27, 2017 and shares of VLKPY fell $0.83 per share or over 2% to close at $31.16 per share on July 27, 2017, further damaging investors. Theoretically, $996M for VLKAY and $2.94B for VLKPY.
About USMA Law Group
U.S. Market Advisors Law Group PLLC is a national law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
David P. Abel