Silence is golden – but for whom?
“Investor Claims Against VW Jump,” The Wall Street Journal, September 22, 2016 B3. VW lost 45% of its market value after the US EPA claimed the company had violated the Clean Air Act by rigging diesel emissions data for vehicles sold in the US. Shareholders are not amused that VW didn’t tell them sooner about the ongoing EPA investigation or about the financial risk from using the illegal software.
More than 1,400 suits have been filed, seeking more than $9.1 billion.
The article doesn’t say whether the directors or senior management have been sued individually.