VW Hit With Stock Drop Suit Over 'Voltswagen' Gag

Law360 (April 30, 2021, 4:45 PM EDT) -- A Volkswagen investor accused the company Friday of artificially inflating stock prices ahead of April Fool's Day, when it posted a press release announcing a name change to "Voltswagen" and confirmed the purported change to media outlets, despite no plans to actually use that name.

Gerald M. Montag argued in his suit that Volkswagen AG and its subsidiary Volkswagen Group of America Inc. violated the Exchange Act by knowingly and falsely claiming the company was planning to change its name to highlight its electric vehicles.

The U.S. subsidiary briefly published on its website a draft of a press release about the name...

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