According to the Complaint, Volkswagen is one of the largest global automotive companies in terms of the number of vehicles sold annually.

On March 29, 2021, Volkswagen Group of America, Inc. (“VWoA”) published a “draft” of a press release announcing its purported name change to “Voltswagen” on its website for a short time. This “draft” had the incorrect date of “April 29.” Several news organizations, including The Associated Press, USA Today, CNBC and The Washington Post, reported the original press release as real news, some after being assured specifically that it was no joke.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the name "Voltswagen" was never going to be used by the Company's U.S. subsidiary; (2) the Company and its spokespeople purposefully misled reporters, even after the reporters' inquiries about whether the name change was an April Fool's joke; and; and (3) as a result, Defendants' public statements and statements to journalists were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On March 30, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 3. Defendants filed a Motion to Dismiss the amended Complaint on August 2.

On March 14, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed without prejudice.