VOLKSWAGEN INVESTOR CLAIMS FOUNDATION
Pomerantz has formed a Dutch settlement foundation, or stichting, for the purpose of providing investors in Volkswagen AG (“Volkswagen” or the “Company”) with a collective class-wide settlement on behalf of Volkswagen’s non-U.S. investors arising out of the Company’s systemic use of “defeat devices” to cheat U.S. emissions tests since 2008 and the ensuing recall of 11 million Volkswagen diesel vehicles.
The foundation represents the interests of institutional as well as private investors that purchased Volkswagen securities on a non-U.S. exchange, including Volkswagen Ordinary Shares (ISIN: DE0007664005) or Volkswagen Preference Shares (DE0007664039), and public or private debt between April 23, 2008 and January 4, 2016 (the “Class Period”).
It is alleged that Volkswagen began installing defeat devices in certain Volkswagen diesel vehicles back in 2008. The devices were programmed to switch a vehicle’s engine into a cleaner running mode during emissions testing than the mode in which the engines would run during actual driving conditions, and then to switch back to the engine’s normal driving mode after the test. Consequently, Volkswagen vehicles that emitted as much as 40 times more nitrous oxide than permitted by U.S. law were able to falsely pass U.S. emissions tests.
A number of governmental agencies began investigating the Company which, in turn, led to Volkswagen finally admitting, in September 2015, that it had knowingly installed defeat devices in its diesel vehicles for the specific purpose of cheating emissions tests. This was followed by an apology from the Company’s chief executive operator, who later resigned.
These disclosures have caused the value of investors’ shares to plummet over 35%, destroying roughly $70 billion of the Company’s market capitalization.
Investors who held shares during the Class Period and/or want more information should email an inquiry to: firstname.lastname@example.org.