Volkswagen Aktiengesellschaft ("Volkswagen AG"), a German company, is one of the world's leading manufacturers of automobiles and commercial vehicles.

According to the law firm press release, the lawsuit alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Volkswagen AG wrongfully colluded with other auto manufacturers on technology and supplier for decades; (2) as a result, Volkswagen AG’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On November 14, 2017, the Court issued an Order appointing Lead Plaintiff and Lead Counsel. Lead Plaintiff filed an amended Complaint on July 13, 2018. Defendants filed a Motion to Dismiss the amended Complaint on September 11.

On May 20, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. The Complaint was dismissed with prejudice. Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on June 21. On April 5, 2022, the Court of Appeals affirmed the District Court's Dismissal Order.