NOTABLE CASES

Volkswagen agrees to $48 million settlement with U.S. investors

POSTED SEP 12 2018

SETTLEMENT AMOUNT

$48 Million

COURT

USDC – California

(Northern)

CLAIM DEADLINE

April 18, 2019

CASE SUMMARY

The complaint alleges that prior to and during the Class Period, defendants engaged in a scheme to defraud and made numerous materially false and misleading statements and omissions to investors regarding the Company’s operations and its business and financial condition and outlook. Specifically, defendants misled investors by failing to disclose that the Company had utilized a “defeat device” in certain of its diesel cars that allowed such cars to temporarily reduce emissions during testing, while achieving higher performance and fuel economy, as well as discharging dramatically higher emissions, when testing was not being conducted. The use of this device allowed Volkswagen to market its diesel vehicles to environmentally conscious consumers, increasing its sale of diesel cars in the United States and abroad and, as a result, its profitability. As a result of defendants’ scheme and false and misleading statements and omissions, Volkswagen’s ordinary and preferred ADRs traded at artificially inflated prices during the Class Period, reaching highs of $54.82 and $56.55 per ADR, respectively, on December 30, 2013.

CLASS DEFINITION

On behalf of all persons or entities who purchased or otherwise acquired the publicly traded ordinary and preferred American Depository Receipts (ADRs) of Volkswagen AG (“Volkswagen” or the “Company”).

CLASS PERIOD

November 19, 2010 – January 4, 2016

FILING DATE

September 25, 2015

CLAIM ADMINISTRATOR

Epiq Class Action & Claims Solutions, Inc.

LEAD COUNSEL

Bernstein Litowitz Berger & Grossmann, LLP

INSTITUTIONAL LEAD PLAINTIFF

Arkansas State Highway Employees Retirement System
Miami Police

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