Volkswagen Stockholder Files Suit Against Automaker At Chattanooga; Seeks Class Action Status

  • Sunday, November 29, 2015

A Volkswagen stockholder has filed suit in Federal Court in Chattanooga against the automaker, charging that its stock was over-valued and that it has now plummeted due to revelations about emissions cheating.

The suit was filed in behalf of Michael Wolfenbarger by Knoxville attorney Gordon Ball and Nashville attorney James Stranch III. It seeks class action status for those who purchased VW stock between Nov. 19, 2010, and Sept. 21, 2015.

Defendants also include Audi and VW officials Michael Winterkorn, Herbert Diess, Michael Horn, Jan Bures, Mark McNabb, Jonathan Browning and Scott Keogh.

The suit charges that during the period covered by the suit that VW issued "numerous deliberately false and misleading statements and material omissions to investors" touting its business success.

It says the company pointed to its "clean diesel" engines as being environmentally friendly.

The suit says VW stock value reached as high as $56.55 per share, but dropped as low as $23.98 per share "when the fraud was brought to light" in September.

It asks unspecified damages as determined by the court.

 

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