Class Actions

VW Securities Fraud Class Action —

This class action is brought on behalf of Ontarians who bought shares or ADRs of Volkswagen Aktiengesellschaft (VW) in the period between March 12, 2009 and September 18, 2015.

Case Overview

Waddell Phillips PC is co-counsel with Morganti Legal in this class action brought on behalf of Ontarians who bought shares or ADRs of Volkswagen Aktiengesellschaft (VW) in the period between March 12, 2009 to and including September 18, 2015 (the Class Period).

The claim asserts that VW made fraudulent misrepresentations with respect to the emissions from its “clean diesel” vehicles that were, in fact, equipped with a “defeat device” that made the emissions from the diesel vehicles seem substantially cleaner than they actually were.  VW has admitted that the defeat devices were installed in its vehicles with Type EA 189 engines, involving some eleven million vehicles worldwide.

The claim asserts that on March 10, 2017, VW pleaded guilty in the United States to three felony counts of: (1) conspiracy to defraud the United States, engage in wire fraud, and violate the Clean Air Act; (2) obstruction of justice; and (3) importation of merchandise by means of false statements. On April 21, 2017, the court accepted the parties’ plea agreement, which imposed a $2.8 billion penalty on VW.  VW’s general counsel made the plea, confirming that he was authorized by the VW board of directors to enter the guilty plea and stated, “Your honour, VW AG is pleading guilty to all three counts because it is guilty on all three counts.”

The claim is brought on behalf of all residents of Ontario, other than Excluded Persons, who acquired VW’s ADRs or shares during the Class Period and held all or some of those ADRS or shares until after VW’s Corrective Disclosure releases dated September 20September 22, and October 8, 2015, which confirmed that VW had intentionally engaged in conduct to secretly install software to manipulate the quantity of pollutants being discharged from certain of its diesel engines while those vehicles were being tested for compliance with the applicable emissions standards. The Fresh as Amended Statement of Claim was issued on July 17, 2017.

Case Overview

Waddell Phillips PC is co-counsel with Morganti Legal in this class action brought on behalf of Ontarians who bought shares or ADRs of Volkswagen Aktiengesellschaft (VW) in the period between March 12, 2009 to and including September 18, 2015 (the Class Period).

The claim asserts that VW made fraudulent misrepresentations with respect to the emissions from its “clean diesel” vehicles that were, in fact, equipped with a “defeat device” that made the emissions from the diesel vehicles seem substantially cleaner than they actually were.  VW has admitted that the defeat devices were installed in its vehicles with Type EA 189 engines, involving some eleven million vehicles worldwide.

The claim asserts that on March 10, 2017, VW pleaded guilty in the United States to three felony counts of: (1) conspiracy to defraud the United States, engage in wire fraud, and violate the Clean Air Act; (2) obstruction of justice; and (3) importation of merchandise by means of false statements. On April 21, 2017, the court accepted the parties’ plea agreement, which imposed a $2.8 billion penalty on VW.  VW’s general counsel made the plea, confirming that he was authorized by the VW board of directors to enter the guilty plea and stated, “Your honour, VW AG is pleading guilty to all three counts because it is guilty on all three counts.”

The claim is brought on behalf of all residents of Ontario, other than Excluded Persons, who acquired VW’s ADRs or shares during the Class Period and held all or some of those ADRS or shares until after VW’s Corrective Disclosure releases dated September 20September 22, and October 8, 2015, which confirmed that VW had intentionally engaged in conduct to secretly install software to manipulate the quantity of pollutants being discharged from certain of its diesel engines while those vehicles were being tested for compliance with the applicable emissions standards. The Fresh as Amended Statement of Claim was issued on July 17, 2017.

The Fresh as Amended Statement of Claim has been served on the Defendant.

VW has not yet delivered a statement of defence in response to the claim.

The motion for certification of the action as a class proceeding is scheduled to be heard by the Ontario Superior Court of Justice on March 20 and 21, 2018 at Osgoode Hall Court House, 130 Queen St. W., Toronto.

Further updates will be posted as the case progresses. You may also review the case updates on the website of our co-counsel, Morganti Legal.

 

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