US SEC examines VW ‘Voltswagen’ advertising stunt

    By David Shepperson

    WASHINGTON (Reuters) – The US Securities and Trade Fee has opened an investigation right into a US entity over a advertising stunt of Volkswagen’s AG, through which it falsely stated it was altering its identify to “Voltswagen” in america, an individual stated. Gave details about this. The case was confirmed.

    Spiegel first reported the investigation and the SEC’s request for info on the difficulty made in early April and cited VW, confirming the investigation.

    Volkswagen declined to touch upon Reuters’ case. The SEC didn’t reply to a request for remark.

    In March, the corporate apologized after an incorrect assertion of apology, which was extensively discredited on social media.

    The carmaker stated that the stunt, which got here on the primary day of the month simply earlier than April Idiot’s Day, typically requested firms to concentrate to their electrical car efforts.

    The preliminary assertion outlining the identify change, posted on its web site and accompanying the tweet, was reported globally by Reuters and different shops and included detailed descriptions of its alleged rebranding efforts and new emblem.

    No less than one analyst wrote a analysis word praising the identify change. The times of saying the names of VW’s most well-liked shares, frequent shares and ADRs elevated.

    Volkswagen Group of America CEO Scott Keogh informed Reuters in an April 1 interview that the announcement of the Phoney identify was a “lie” and an try to “concentrate on our humor and” electrification. ”

    In 2015, Volkswagen admitted to utilizing unlawful software program in diesel engine trials in america, frightening Germany’s greatest company disaster and paying carmakers greater than 32 billion euros in fines, refinements and authorized prices.

    (Reporting by David Shepperson, Christophe Sties and Chris Prentice; Modifying by David Gregorio)

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