Updated: January 27, 2017
Status: Ongoing Case
Labaton Sucharow LLP, AKD, and Breiteneder Rechtsanwälte Attorneys at Law announce an opportunity to join the Stichting Volkswagen Investors Claim, established in response to declines in Volkswagen’s stock price following disclosures about Volkswagen’s manipulation of emissions tests for diesel vehicles.
A “stichting” is a Dutch foundation established in the Netherlands that represents the interests of victims and may resolve claims against a defendant in the form of a collective settlement.
The Stichting Volkswagen Investors Claim (the Stichting) is a nonprofit organization established in the Netherlands to represent the interests of investors in Volkswagen Group (VW) securities following the automobile manufacturer’s admission of fraud in the sale of cars with a built-in software that manipulated emissions test data (defeat device) and the subsequent decline in the share price of VW securities.
The Stichting is governed by an independent, highly distinguished Board of Directors, including:
Reflecting the vast international scope of the claims, the Stichting has engaged counsel from the Netherlands (AKD), Austria (Breiteneder Rechtsanwälte Attorneys at Law), and the United States (Labaton Sucharow LLP). The Stichting will receive further support from the International Financial Litigation Network, a global network of sophisticated litigation counsel comprising more than 20 law firms from 16 different countries, as well as the World Federation of Investors, a worldwide, nonprofit organization with 55 national shareholder association members. In addition, Germany-based Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW), the oldest and largest association for private investors in Germany, has partnered with the Foundation. Founded in 1947, DSW has more than 30,000 members and is the leading shareholders’ association in Germany.
The Stichting represents the interests of investors in VW securities in the United States and worldwide, including common or preferred shares, and public or private debt during the period April 23, 2008 through September 21, 2015. It has served VW with a claim letter inviting VW to work towards a reasonable settlement in the interest of all investors in VW securities to avoid further legal actions. The Foundation continues to correspond with VW.
The Stichting aims to ascertain the financial losses to VW investors resulting from the decline in the prices of VW securities following the revelation of fraud and to secure compensation for losses of participating investors resulting from VW’s wrongdoing.
The Stichting seeks to work with VW in a spirit of mutual respect to find a reasonable and fair solution to the multifaceted and multinational problems caused by the company providing incomplete and incorrect information to the market—especially but not exclusively by failing to disclose that the U.S. Environmental Protection Agency had begun investigations and by hiding information that a defeat device was in place affecting more than 11 million of its diesel-powered vehicles. The Stichting and its advisors believe that it is only in the Netherlands, under the country’s unique procedures for group resolution, that VW and its investors will be able to reach a meaningful resolution to these widespread claims.
It is important for VW investors to join the Stichting, which is accepting participants at no direct cost. For more information on how to join the Stichting Volkswagen Investors Claim, please contact Rachel A. Avan, Esq., (212) 907-0709, firstname.lastname@example.org, or visit www.stichtingvolkswageninvestorsclaim.com.
The Stichting has enrolled a broad range of retail and institutional investors from across the globe. The Stichting is actively seeking agreement from Volkswagen to settle investor claims and continues to garner support from investor associations across Europe. Representatives of the Stichting attended VW’s Annual General Meeting of Shareholders in Germany on June 22, 2016, and the Stichting continues to communicate with VW in an effort to commence negotiations concerning a settlement of claims in the best interests of both VW investors and the company itself.