Glancy
Prongay & Murray LLP (“GPM”) reminds investors that a
class action complaint has been filed on behalf of a class of Volkswagen
AG (“Volkswagen” or the “Company”) (OTC: VLKAY; VLKPY) securities
between November 19, 2010 and September 21, 2015, inclusive (the “Class
Period”). Volkswagen investors have until November 24, 2015 to
file a lead plaintiff motion. Investors are encouraged to contact Lesley
Portnoy, Esquire to discuss their legal rights.
Over the course of several disclosures Volkswagen has admitted to
systematically cheating on U.S. air pollution tests for years, leaving
the automaker vulnerable to billions in fines and possible criminal
prosecution. The Company allegedly sold diesel Volkswagen and Audi cars
with software that turns on full pollution controls only when the car is
undergoing official emissions testing. However, during normal driving,
the Company’s cars can pollute 10 times to 40 times the legal limits.
U.S. authorities could fine the Company $37,500 per vehicle, and with
482,000 vehicles as part of the investigation, the total fine could be
$18 billion.
The complaint alleges that the Company and its officers have
intentionally misled consumers and investors regarding the Company’s
compliance with applicable emissions standards. Investors in Volkswagen
securities have been greatly injured by the Company’s disclosure that
Volkswagen has intentionally misled U.S. and foreign authorities
regarding its compliance with emissions standards by implementing a
“cheating system” to evade detection of emissions that were multiples
above the approved limits. When the truth was revealed to investors,
shares of Volkswagen declined sharply in value.
If you purchased shares of Volkswagen during the Class Period you may
move the Court no later than November 24, 2015 to request
appointment as lead plaintiff. If you purchased Volkswagen securities
during the Class Period, or if you have information or would like to
learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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