Volkswagen Aktiengesellschaft (FRA: VOW & VOW3, OTC: VLKAY & VLKPY)
For more information about this action, or to obtain a copy of the most recent statement of claim, please contact the Firm at email@example.com.
On behalf of Ontario and Quebec-based investors, only.
This securities class action on behalf of Ontario-domiciled purchasers of Volkswagen Aktiengesellschaft (hereafter “VW”) pertains to the automobile manufacturer releasing documents akin to core and non-core documents under the Ontario Securities Act containing affirmative misrepresentations and omissions of material fact that it secretly installed software to manipulate the quantity of pollutants being discharged from certain of its diesel engines while the vehicles with said diesel engines were being tested for compliance with the applicable emissions standards.
In addition to containing aforementioned misrepresentation, VW’s disclosure documents stressed that its investment quality was not measured solely on the basis of units sold or financial performance, but rather, included all areas of the Company such as being “more environmentally friendly” and “sustainable mobility” by being the first automaker to commit to cutting NO2 emissions.
On September 18, 2015, the United States’ Environmental Protection Agency (hereafter “EPA”) and the California Air Resources Board (hereafter “CARB”) publicly issued letters indicating that VW admitted to systematically defrauding investors and the public for years by deliberately cheating U.S. emission tests and making its diesel vehicles appear cleaner than they actually were. Subsequently, a VW executive admitted to the United States Congress that on May 15, 2014 (or more than 16 months prior to the EPA and CARB making public Volkswagen’s actions), he had been informed that VW’s vehicles did not meet governing emissions standards and that the defeat device software had also been secretly installed on diesel-powered vehicles for the European market.
Ontario-resident Investors: On August 15,2018, the Ontario court granted Volkswagen’s motion to dismiss the claim on the basis of jurisdictional grounds. The decision can be read at Leon v. Volkswagen AG, 2018 ONSC 4265. The plaintiff is no longer appealing the decision.
Quebec-resident Investors: On May 28, 2018, the Quebec court denied Volkswagen’s motion to dismiss the claim on the basis of jurisdictional grounds. The decision can be read at Chandler v. Volkswagen AG, 2018 QCCS 2270, which was upheld on appeal at 2018 QCCA 1347, and then the class definition was affirmed to include purchasers of Volkswagen’s equity and bonds, which can be read at 2019 QCCS 467.
Claim or Motion for Authorization issued: December 22, 2016
Class Period: March 12, 2009 to and including September 18, 2015
Shareholders’ Canadian Counsel: Andrew J. Morganti and Eli Karp, Morganti & Co.; Shawn Faguy, Faguy & Co. (Quebec lead counsel)
Corporate Defendant’s Canadian Counsel: Cheryl Woodin, Bennett Jones LLP
Corporate Defendant’s U.S. or European Counsel: Casey E. Lucier and Kenneth Abrams, McGuire Woods LLP