The information contained on this website is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”). Because this website is just a summary, you should review the Notice for additional details.
The Court-appointed Lead Plaintiff, Arkansas State Highway Employees’ Retirement System (“ASHERS” or “Lead Plaintiff”), and named plaintiff Miami Police Relief and Pension Fund (“Miami Police,” and together with ASHERS, “Plaintiffs”), on behalf of themselves and the Settlement Class, have reached a proposed settlement of this action captioned In re Volkswagen “Clean Diesel” Marketing, Sales Practices, and Products Liability Litigation – Securities Actions, MDL No. 2672 CRB (JSC) (the “Action”), pending in the United States District Court for the Northern District of California (the “Court”), for $48,000,000 in cash (the “Settlement”). If approved by the Court, the Settlement will resolve all claims in the Action.
The Action alleges, among other things, that Defendants Volkswagen Aktiengesellschaft, Volkswagen Group of America, Inc., Volkswagen Group of America, Inc. d/b/a Volkswagen of America, Inc., Audi of America, Inc., and three of their officers and directors violated the federal securities laws by making false and misleading statements regarding Volkswagen’s business.
If you are a member of the Settlement Class, your rights will be affected and you may be eligible to receive a payment from the Settlement. The Settlement Class consists of:
all persons and entities in the U.S. or elsewhere who purchased or otherwise acquired Volkswagen Aktiengesellschaft (“VWAG”) Ordinary American Depositary Receipts (CUSIP: 928662303) (“VWAG Ordinary ADRs”) and/or VWAG Preferred American Depositary Receipts (CUSIP: 928662402) (“VWAG Preferred ADRs”) (collectively, “VWAG ADRs”) from November 19, 2010 through January 4, 2016, inclusive (the “Class Period”), and who were allegedly damaged thereby, except for certain persons and entities who are excluded from the Settlement Class by definition (see paragraph 26 of the Notice).
Please read the Notice to fully understand your rights and options.
If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form postmarked no later than April 18, 2019.
Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
|IMPORTANT DATES AND DEADLINES:|
|April 18, 2019
CLAIM FILING DEADLINE
|To be eligible to receive a payment from the Settlement, you must mail the Claim Form and supporting documentation, postmarked no later than April 18, 2019, in accordance with the instructions in the Notice and Claim Form.|
|April 18, 2019
|To exclude yourself from the Settlement Class, you must submit a written request for exclusion so that it is received no later than April 18, 2019, in accordance with the instructions in the Notice.|
|April 18, 2019
|Any objections to the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, must be filed or postmarked no later than April 18, 2019, in accordance with the instructions in the Notice.|
|April 26, 2019
NOTICE OF INTENTION TO APPEAR DEADLINE
|To attend the Settlement Hearing and/or ask to speak in Court about the fairness of the Settlement, you must mail or file a Notice of Intention to Appear no later than April 26, 2019, in accordance with the instructions in the Notice.|
May 10, 2019
at 10:00 a.m.
|The Settlement Hearing will be held on May 10, 2019 at 10:00 a.m. before the Honorable Charles R. Breyer at the United States District Court for the Northern District of California, Courtroom 6 of the Phillip Burton Federal Building & U.S. Courthouse, 450 Golden Gate Avenue, San Francisco, CA 94102.|