The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of VLKAY (OTCMKTS: VLKAY, VLKPY) who purchased shares between March 14, 2013 and July 26, 2017. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) Volkswagen AG wrongfully colluded with other auto manufacturers on a range of technical and pricing issues for decades; (2) as a result, Volkswagen AG’s public statements were materially false and misleading at all relevant times. On July 21, 2017, Bloomberg reported that "BMW, Daimler and Volkswagen's VW, Audi, Porsche brands met starting in the 1990s to coordinate activities related to their vehicle technology, costs, suppliers and strategy as well as emissions controls in diesel engines..." On July 25, 2017, a class action was filed in U.S. District Court for the District of New Jersey against Porsche AG, Volkswagen, Audi AG, BMW AG, and Mercedes-Benz USA, alleging violations of federal antitrust laws. The complaint alleges that, beginning in 2006, the carmakers conspired “to share commercially-sensitive information and reach unlawful agreements” in order “to impose a German automobile premium on consumers premised on superior German engineering, while secretly stunting incentives to innovate.”
Shareholders have until October 30, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
Please fill out the form to learn more