Whilst much noise has been made in relation to consumer claims against Volkswagen (VW) arising from the announcements made by the Environmental Protection Agency (EPA) in the US and the company itself, shareholder fraud specialists Edwin Coe LLP is advising in relation to the claims shareholders have against the company following the consequent drop in share value arising from the news of the fixing of emission tests.
The controversy is centred on “defeat devices” Volkswagen used to fool US emissions tests on diesel cars into believing the vehicles met environmental standards. VW’s revelation on Tuesday, 22 September 2015, that 11 million diesel cars worldwide are equipped with the device led to a 20% fall in its share price on the Frankfurt Stock Exchange.
Volkswagen shares closed down 19.82% at €106, meaning some €26bn or so has been wiped off the value of the German manufacturer this week alone and specialist David Greene, partner at Edwin Coe LLP, predicts that shareholders will have a claim to bring against Volkswagen.
David Greene commented: “Shareholders have seen a dramatic fall in the share price over the past few days resulting from the news of the company’s conduct. If it is correct that the company purposefully committed, effectively, a fraud on its customers the company will have committed, what the Americans would call, a fraud on its shareholders, conducting itself unlawfully and then keeping from shareholders information that was likely to affect the share price (as it has).”
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About Edwin Coe LLP
Edwin Coe LLP is best known for its work in representing large groups of the public in claims relating to consumer issues, banking, shares. It was the first firm in the UK to specialise in non-conflict class actions and as a result has been involved in many of the major mass claims over 30 years including the Lockerbie Inquiries and litigation. It is currently litigating for hundreds of investors in film investments against HSBC, for timeshare investors against Barclays Bank in relation to fraud and for investors in other schemes and for hundreds of truck owners in relation to a price-fixing cartel by manufacturers. It has represented 50,000 shareholders in a claim against the Government; 32,000 convenience store owners in competition issues; and 36,000 private shareholders in Northern Rock. It has recently settled a claim for hundreds of South American flower farmers in a claim against British Airways for price-fixing.
In addition, the firm acts in mass torts and is representing claimant victims of the Hillsborough disaster and child abuse victims.
In addition, the firm undertakes public law issues and represented the first claimant in the Article 50 litigation, MPs in the proroguing litigation, the claimant in relation to a challenge under the Good Friday Agreement and, very recently, protesters to HS2 construction.