VW document reveals the diesel emission issue was solvable amicably without EPA going public.
A new Volkswagen document was released on Monday. According to the document Volkswagen was caught off guard by US officials, when it made the diesel emissions issue public.
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Volkswagen believes they could have cleared up the emissions-cheating allegations with US authorities amicably. The public announcement by EPA (US Environment Protection Agency) was a surprise for VW.
The document is Volkswagen’s official written response to a lawsuit by German shareholders, according to AFP. A copy of the 113-page document was obtained by AFP.
The document also provides an update into VW’s own investigation into the global scandal. The document was drawn up by VW lawyers as an initial statement of defence against accusations. The investors accused VW of deliberately withholding market-sensitive information.
Volkswagen used to be one of the best developers in the auto industry. Since the diesel emissions scandal broke out, VW has plunged into a deep crisis.
The EPA revealed VW has installed emissions-cheating software in 11 million diesel engines worldwide. VW is still facing threats of fines in a lot of countries.
On top of that an array of car owners and investors has sued the German auto maker. Shareholders are seeking damages for the massive loss in the value of their shares since September 2015.
The shareholders have also accused VW of violating capital market disclosure rules. They claim VW knew about the irregularities long before the scandal broke. As per rules VW should have informed shareholders much earlier.
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The document further states the lawsuit is without merit. VW insists before the news of scandal broke out there was no relevant information to affect the stock prices.