SHAREHOLDER ALERT: Law Firm Pomerantz Reminds Shareholders Who Have Suffered Losses on Their Investment in Talkspace, Inc. f/k/a Hudson Executive Investment Corporation of Class Action and Upcoming Deadline – TALK; SPEAK ; HEC; HECCW; HECU | 2022-02-10 | Press Releases

New York, New York–(Newsfile Corp. – February 10, 2022) – Pomerantz LLP announces that a class action lawsuit has been filed against Volkswagen AG (“Volkswagen” or the “Company”) (OTC Pink: VWAGY) and certain of his officers. The class action lawsuit, filed in the United States District Court for the Eastern District of Virginia, Division of Alexandria, and registered as 22-cv-00045, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired Volkswagen American Depositary Receipts (“ADRs”) between March 29, 2021 and March 30, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violation of federal securities laws and to seek remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b -5 enacted thereunder, against the Company and certain of its senior officers.

If you are a shareholder who purchased or otherwise acquired ADRs from Volkswagen during the class period, you have until March 15, 2022 to ask the court to name you as the lead plaintiff in the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those making inquiries by e-mail are encouraged to include their mailing address, phone number and number of shares purchased.

[Click here for information about joining the class action]

Volkswagen AG (known internationally as the Volkswagen Group) is one of the world’s leading automobile manufacturers and Europe’s largest automaker. The Group comprises twelve brands from seven European countries: Volkswagen Passenger Cars, Volkswagen Commercial Vehicles, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Scania and MAN. Each brand has its own character and operates as an independent entity in the market. The product range extends from motorcycles to small cars and luxury vehicles. The defendant Volkswagen AG operates 118 production plants in 20 European countries and 10 countries in America, Asia and Africa. Volkswagen AG sells its vehicles in 153 countries.

Volkswagen AG is a German company with its main executive offices in Wolfsburg, Lower Saxony, Germany. Volkswagen ADRs are traded over-the-counter under the symbol “VWAGY”. Defendant Volkswagen AG is the parent company and sole owner of Volkswagen Group of America, Inc. Volkswagen AG directly controls and directs the shares of Volkswagen Group of America, Inc., which acts as its agent in the United States.

Volkswagen Group of America, Inc. is a wholly owned subsidiary of Volkswagen AG. It operates a manufacturing plant in Chattanooga, Tennessee, and is home to U.S. operations for Volkswagen’s brands, including Volkswagen, Audi, Bentley, Bugatti and Lamborghini. Based in Herndon, Virginia, the company has approximately 8,000 employees in the United States and sells its vehicles through a network of 1,000 dealerships.

On March 29, 2021, Volkswagen posted a “draft” press release on its website for a short period with the incorrect date of “April 29”, announcing its alleged name change from “Volksswagen” to “Voltswagen.”

The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding Volkswagen’s business and operations. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the name “Voltswagen” was never going to be used by the company’s US subsidiary; (ii) the Company and its spokespersons deliberately misled reporters, even after reporters asked if the name change was an April Fool’s joke; and (iii) as a result, the defendants’ public statements and statements to reporters were materially false and/or misleading at all relevant times.

On Tuesday, March 30, 2021, still two days before April Fool’s Day on April 1, the the wall street journal (“WSJ“) reported that a company spokesperson in Wolfsburg, Germany said that “[t]All of this was just a marketing action to get people talking about the ID.4. WSJ also quoted a company official in Germany: “[t]here, there will be no name change.”

On March 31, 2021, France Media Agency (“AFP“) quoted Volkswagen AG spokesman, deputy director of corporate communications, Christoph Ludewig: “Volkswagen of America has developed . . . a national US marketing campaign, with a wink, to draw attention to Volkswagen’s e-offensive. From the outset, the goal was to draw attention to a topic important to business and industry in the United States. The large number of positive feedbacks on social networks shows that we have achieved this goal. At the same time, we regret if in the eyes of some, we have exceeded the mark of the campaign. AFP also reported that “[r]ePorters reacted angrily to the stunt, with some pointing out it was tone deaf coming from a company still recovering from the 2015 ‘dieselgate’ scandal, when Volkswagen was forced to admit it had used for decades years of cheat software in cars to cheat emissions testing.” Phil Chetwynd, Global Information Director of AFPwrote to the Society protesting the deception, saying: “We understand when a spokesperson is unable to confirm or comment on information. But we never expect them to make false claims. We strongly believe that serious journalists and news outlets should not be used by companies like Volkswagen for marketing and advertising purposes. For us, this is a very serious breach of trust that must not be repeated.”

The price of Volkswagen ADRs fell on this news, falling 3.84%, or $1.45 per share, to close at $36.3 per share on March 31, 2021 (from a closing price of $37.75 per share on March 30, 2021), detrimental to investors.

On April 1, 2021, Forbes published an article, titled “Volkswagen’s April Fools’ Stunt Misses the Mark-and an Opportunity to Earn Back Trust”, which similarly criticized Volkswagen AG’s alleged renaming.

The price of Volkswagen ADRs continued to decline as the market continued to process news about the alleged name change. The company’s ADR price fell 1.98%, or $0.72 per share, to close at $35.58 per share on April 1, 2021 (from a closing price of $36.3 per share on April 31). March 2021), which hurt investors.

In total, Volkswagen’s ADR price fell $2.17 per share, or 5.75%, over two trading days from March 31, 2021 to April 1, 2021, hurting investors.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP

[email protected]

888-476-6529 ext. 7980

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113447

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