Volkswagen says did not breach market disclosure rules

Volkswagen said its top management did not violate market disclosure rules and is taking legal action to fend off lawsuits claiming it had been too slow to inform investors about its rigging of diesel emissions tests.
Volkswagen (VW) is mounting its defences in anticipation of a report next month by US law firm Jones Day appointed by the carmaker to investigate those responsible for the biggest corporate scandal in its history.

Investors have lodged dozens of lawsuits at the German regional court in Brunswick, claiming that VW failed to disclose its rigging of emissions tests until about three weeks after it had admitted its wrongdoing to US authorities on Sept. 3.

VW said it had filed a statement of defence with the court in Brunswick, claiming its manipulations did not have any "stock price relevance" until Sept. 18 when US regulators announced that the malfeasance had violated environmental rules.

"After careful examination by internal and external legal experts, the company confirms its belief that its management board duly fulfilled its disclosure obligation under German capital markets law," the company said in a statement.