Thieler Law Corp advises investors with losses exceeding $100,000 of the June 29, 2021 lead plaintiff deadline in a class action lawsuit filed against Volkswagen AG (OTC: VWAGY) (Volkswagen AG or “the Company”). The suit is pending in the U.S. District Court for the Central District of California and investors, who purchased Volkswagen AG (OTC: VWAGY) securities between March 29, 2021 and March 30, 2021, have until June 29, 2021 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Volkswagen AG securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

On March 29, 2021, Volkswagen Group Of America, Inc 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.

These March 29 news reports on the name change include a CNBC article entitled “VW accidentally leaks new name for its U.S. operations: Voltswagen”.

On March 30, 2021, VWoA re-published the press release entitled “Voltswagen: A new name for a new era of e-mobility” announcing the Company’s name change to “Voltswagen,” this time with the correct date of March 30, 2021. The press release was also taken down later that day.

Also on March 30, 2021, Volkswagen tweeted: “We know, 66 is an unusual age to change your name, but we’ve always been young at heart. Introducing Voltswagen. Similar to Volkswagen, but with a renewed focus on electric driving. Starting with our all-new, all-electric SUV the ID.4 - available today. #Voltswagen #ID4.” (Emphasis added.) The tweet included a video showing the “k” in Volkswagen changing to a “t.”1

Late on March 30, 2021, still two days before April Fool’s Day on April 1, the Wall Street Journal published a “WSJ News Exclusive” which was 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[.]”.

On March 31, 2021, further reports regarding how Volkswagen, VWoA, 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 ADRs fell $2.14 per ADR, or over 5%, over the next two full trading days, to close at $35.58 per share on April 1, 2020.

According to the lawsuit, 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.

If you were negatively impacted by your investment in Volkswagen AG (OTC: VWAGY) securities between March 29, 2021 and March 30, 2021 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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