Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Volkswagen AG (VWAGY)

BENSALEM, Pa .– (BUSINESS WIRE) – Howard G. Smith’s law firms are reminding investors of the upcoming June 29, 2021 deadline to file lead plaintiff motion in the case filed on behalf of investors representing Volkswagen AG (“Volkswagen” or the “Company”) (OTC) purchased: VWAGY) securities between March 29, 2021 and March 30, 2021 inclusive (the “Class Period”).

Investors suffering losses on their Volkswagen investments are encouraged to contact the Howard G. Smith law firms to exercise their statutory rights in this class action at 888-638-4847 or email [email protected] to discuss.

On March 29, 2021, Volkswagen published a draft press release announcing the alleged change in the name of its American subsidiaries to “Voltwagen”. Media reported that they confirmed with the company that the name change was real. CNBC reported, “Volkswagen inadvertently posted a press release on its website a month earlier on Monday announcing a new name for its US business, Voltwagen of America, highlighting the German automaker’s efforts in electric vehicles.” In this news, the share price of Volkswagen AG rose sharply.

However, on March 30, 2021, the Wall Street Journal published an article entitled “No, Volkswagen is not renaming itself Voltwagen: The German automaker says the announcement of its US deal should be an April Fool’s joke.” The article states:[i]Investors have called for stocks in companies involved in electric vehicles and have recently poured money into the stocks of established automakers with solid EV plans. “Other outlets reported that Volkswagen’s Associated Press received repeated assurances that their US subsidiary had planned a name change that was wrong.

In this news, the Volkswagen AG share price fell more than 5% over the next two trading days, hurting investors.

The complaint filed alleges that during the entire classroom period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, operations and prospects of the company. In particular, Defendants have not notified Investors that: (1) “Voltwagen” would never be used by Volkswagen, Volkswagen Group of America, Inc. (“VWoA”), or any relevant vehicle; (2) Volkswagen, VWoA and their spokespeople have deliberately misled reporters regarding the now alleged “joke” and / or “promotion”; and (3) as a result, defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.

If you bought or otherwise acquired Volkswagen securities during the class period, you can ask the court no later than June 29, 2021 to request the court to appoint you as the lead plaintiff if you meet certain legal requirements. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, of the law firms of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at [email protected], or visit our website at www.howardsmithlaw .com.

This press release may be viewed as a solicitor advertisement in some jurisdictions under applicable laws and ethical rules.

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