LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it is investigating potential claims on behalf of investors of Volkswagen AG ("Volkswagen" or the "Company") (OTC:VLKAY) (OTC:VLKPY) concerning the Company’s and its officers’ possible violations of federal securities laws in connection with Volkswagen’s alleged intentional misleading of U.S. authorities regarding its compliance with emissions standards.
Volkswagen 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. On news of the alleged fraud, the Company’s shares declined sharply in value thereby damaging investors.
If you purchased Volkswagen securities, have information or would like to learn more about these claims including whether you qualify to serve as a class representative, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley F. 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.
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