Patrick T. Fallon | Bloomberg | Getty Images
Hoses connect laboratory emission testing equipment to a red 2016 Volkswagen AG Golf TDI inside the California Air Resources Board Haagen-Smit Laboratory in El Monte, California.
The Securities along with Exchange Commission may take enforcement action against Volkswagen over the German automaker’s involvement within the “dieselgate” emissions scandal, according to VW’s annual report.
The automaker said the agency is actually ‘piling on’ along with which the agency’s complaint is actually without merit.
The agency told Volkswagen the item opened in January 2017 a formal investigation, which is actually ongoing along with may result in an enforcement action, according to the annual report. The SEC can issue fines along with some other civil penalties for violations of securities law.
The SEC has asked Volkswagen for information on potential securities law violations over certain investments the company may have sold to investors. The agency is actually looking for evidence determining whether the automaker failed to disclose information about vehicles which didn’t comply with U.S. emission standards when the item issued certain securities to investors.
The SEC declined to comment to SouthIndianNews.com. Volkswagen said the complaint is actually “legally along with factually flawed along with which the automaker will “contest the item vigorously.”
One of the globe’s largest carmakers, Volkswagen was rocked by reports first surfacing in 2015 which the item had been caught cheating on emissions tests within the United States. The subsequent scandal cost Volkswagen billions of dollars to settle along with forced the automakers to recall millions of vehicles.
Here is actually Volkswagen’s full statement:
“The SEC’s complaint is actually legally along with factually flawed, along with Volkswagen will contest the item vigorously,” the automaker said to SouthIndianNews.com. “The SEC has brought an unprecedented complaint over securities sold only to sophisticated investors who were not harmed along with received all payments of interest along with principal in full along with on time. The SEC does not charge which any person involved within the bond issuance knew which Volkswagen diesel vehicles did not comply with U.S. emissions rules when these securities were sold, although simply repeats unproven claims about Volkswagen AG’s former CEO, who played no part within the sales. Regrettably, more than two years after Volkswagen entered into landmark, multibillion-dollar settlements within the United States with the Department of Justice, almost every state along with nearly 600,000 consumers, the SEC is actually right now piling on to try to extract more by the company.”