SEC probes VW 'Voltswagen' marketing stunt


(Reuters) - The US Securities and Exchange Commission has launched an investigation into the US unit of Volkswagen AG into a marketing stunt that falsely claimed it changed its name to "Voltwagen" in the US, one Person who was informed of the matter Confirmed.

Spiegel first reported on the investigation and the SEC's request for information on the issue raised in early April, citing VW as confirmation of the investigation.

Volkswagen declined to comment on Reuters. The SEC did not respond to a request for comment.

The company apologized in March after a false statement about a false name change was circulated widely on social media.

The stunt, which took place just before the April Fool's Day joke on the first of the month, when companies were frequently posting prank statements, should draw attention to its electric vehicle efforts, the automaker said.

The first name change statement posted on the website and accompanied by tweets was reported by Reuters and other outlets worldwide and included a detailed description of the alleged rebranding efforts and new logos.

At least one analyst wrote a research note praising the name change. VW's preferred stock, common stock and ADRs rose on the day the false name was announced.

Scott Keogh, CEO of Volkswagen Group of America, told Reuters in an April 1 interview that the false name announcement was a "gag" and an attempt to "have some humor" and "celebrate our deep focus on electrification."

In 2015, Volkswagen admitted to using illegal software to carry out diesel engine tests in the USA, which triggered the biggest corporate crisis in Germany and cost the carmaker more than 32 billion euros in fines, retrofitting and legal costs.


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https://businessservicesnews.ca/sec-probes-vw-voltswagen-marketing-stunt/

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