SOURCE: Saxena White P.A.

October 02, 2015 23:00 ET

Saxena White P.A. Files Securities Fraud Class Action Against Volkswagen AG on Behalf of ADR Purchasers

BOCA RATON, FL--(Marketwired - Oct 2, 2015) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the District of New Jersey against Volkswagen AG ("Volkswagen" or the "Company") (OTCQX: VLKAY) (OTCQX: VLKPY) (OTCQX: VLKAF) on behalf of investors who purchased or otherwise acquired the American Depository Shares ("ADRs") of the Company during the period from November 19, 2010 through September 21, 2015 (the "Class Period"). 

Volkswagen manufactures economy and luxury automobiles, sports cars, trucks and commercial vehicles for sale worldwide. 

The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.

Specifically, the Complaint alleges that (i) Volkswagen was intentionally and systematically cheating emissions tests on diesel cars in the United States through the use of "Defeat Devices;" (ii) the Company denied and attempted to conceal these practices from regulators; (iii) as a result of these illicit practices, Volkswagen was violating various federal and state regulations and laws; (iv) the Company faced stringent monetary penalties for its noncompliance, and (v) the Company's financial statements were materially false and misleading at all relevant times.

You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com

If you purchased Volkswagen ADR shares between November 19, 2010 and September 21, 2015, inclusive, you may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased Volkswagen ADR shares during the Class Period of November 19, 2010 through September 21, 2015, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than November 24, 2015. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

Contact Information