Cause ‘Voltwagen’ is shorted |

Volkswagen’s “Voltwagen” stunt caused nothing but problems, but the automaker won’t face legal action.

– A class action suit for Volkswagen “Voltwagen” name change ended after a plaintiff allegedly failed to promptly notify Volkswagen of the subpoena and class action.

The outcome of the lawsuit is another strange step that sent plaintiffs to court in the first place after VW’s failed April Fool’s stunt.

According to The Volkswagen class action, investors were misled when Volkswagen said it was changing its name to “Voltwagen” in honor of its switch to electric vehicles.

VW plaintiff Gerald M. Montag claims he bought stocks at inflated prices due to VW’s stunt when he released a test press release announcing the new Voltwagen name. VW posted the document on its website on March 29, 2021, but the press release was dated April 29.

News organizations picked up on the announcement even as VW quickly deleted the press release from its website.

Then VW reissued the press release on March 30, this time with the correct date and titled “Voltwagen: A New Name for a New Era of Electric Mobility”. However, the release was removed from the site later that day.

The Associated Press also threw itself on the false news:

“The Associated Press was repeatedly assured by Volkswagen that its US subsidiary had planned a name change and reported that information, which we now know to be false. We corrected our story and published a new one based on the company admission. This and any deliberate release of false information harms accurate journalism and the public good. ” – Lauren Easton, spokesperson for the AP company

VW said there have been no changes in share prices, a view not taken by the investors who filed the class action.

The VW class lawsuit was dismissed

Judge Mark C. Scarsi appointed Betty Jo Pheiffer as the lead plaintiff on July 21, 2021, then ordered Pheiffer to show reasons why the class action should not be dismissed for failure to complete service on Volkswagen within 90 days of filing. it causes.

The plaintiff replied and the judge extended the timeframe for completing the notification. However, the judge states that Pheiffer did not submit proof of service within the extended deadline.

“Pheiffer presents no explanation, let alone a demonstration of excusable negligence, in support of his failure to complete the notification between the time the Court extended the deadline to complete the notification and the extended deadline. justification, the Court provided Pheiffer with clear warnings that it expected the deadline to be respected “. – Scarce Judge

The judge dismissed the VW class lawsuit, without prejudice, and told the clerk to close the case.

The VW class action was filed in the United States District Court for the Central District of California: Gerald M. Monday v. Volkswagen AG, et al.

The actor is represented by the Rosen Law Firm.


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