TILP Rechtsanwaltsgesellschaft mbH
VW exhaust scandal: First claim filed through TILP Lawyers
DGAP-News: TILP Rechtsanwaltsgesellschaft mbH / Key word(s): Legal Matter VW emissions scandal: Today TILP filed the first German investor claim against the Volkswagen corporation before the District Court of Brunswick together with a motion to open model case proceedings according to the German investor model case proceedings act (KapMuG)- VW did not respond to a fixed deadline regarding an offer to reach an out of court agreement for a claimant represented by TILP – free of charge registration for harmed investors possible under www.vw-klage.de Kirchentellinsfurt, 10/01/2015 TILP Rechtsanwaltsgesellschaft mbH, a highly specialized capital market and banking law firm from Germany, known for the representation of investors for over 20 years filed today the first investor claim against the automobile group of Volkswagen AG, headquartered in Wolfsburg for an investor represented by TILP. At the same time, TILP filed a motion to open proceedings under the model case proceedings act (Kapitalanlegermusterverfahrensgesetz – KapMuG) with several applications for declaration on relevant securities issues. On September 20, 2015, Volkswagen officially admitted having manipulated the emission standards for diesel cars in the USA during emission tests. Thereafter, the stock price for common stock and preferred stock of VW plummeted. Also reports concerning the change of the head oft he managing board did not help to revive the stock price in the long-run. In front of the District Court in Brunswick, the plaintiff claims for economical damages result from the purchase of VW preferred stock in the amount of 20,000 Euros which have been bought in April and July 2015. Specifically, the claimant asks for a rescission of the stock purchases and in the alternative for out of pocket damages of approximately 60 Euro per share. “The Volkswagen group did not react to our deadline for an out of court agreement. Therefore it was necessary to file a complaint to demonstrate VW that our client is serious about it” says Attorney Andreas W. Tilp, managing partner of TILP. “During the current proceedings, Volkswagen should use the chance to admit their responsibility and offer compensation for loss suffered. Already as of today our law firm represents enough retail and institutional clients to achieve compulsively a model case under the model case proceedings act (KapMuG) in front of the Higher Regional Court in Brunswick. Tilp continues: “We assume that we are able to represent the model case plaintiff in these proceedings who has the strongest procedural position in the case.” TILP’s law firm is specialized in maintaining actions under the KapMuG proceedings act. This specific procedural law was implemented in the year 2001 to cope with the multitude of claimants and to bundle these claims within one model case concerning lawsuits against Deutsche Telekom that also have been initiated by TILP. Such actions clearly increase the chances of success for investors and offer substantial cost advantages. TILP inter alia represents the respective lead plaintiff against Deutsche Telekom AG regarding its 3rd IPO and also against Hypo Real Estate Holding AG (HRE). In October 2014, the Federal High Court of Justice in Germany decided in the 3rd IPO Telekom case in favour of the lead plaintiff, the Higher Regional Court in Munich did the same in December 2014 in the HRE-case. Following TILP’s legal opinion VW is liable for damages against its shareholders in several points of failed and incomplete capital market information. This concerns especially purchases of shares between June 06, 2008 and September 17, 2015. In the opinion of TILP, investors which held the shares until September 17, 2015 as well as those which sold them already before, are eligible for damages. Also losses in shares of Porsche and derivatives on VW shares as for example warrants or certificates are included under the liability for damages, is TILP’s result of the legal examination. “Due to the deliberate manipulation Volkswagen crossed the line. Besides claims under § 37b of the German securities trades act, also so-called tort claims of different kinds exist according to our legal opinion. These claims are separately for independent breaches of duties of VW for quite different points of time regarding the estimated timeframe we assume to start as of June 2008”, explains TILP’s lawyer Axel Wegner. “This is the reason what makes this case very complex, especially as many different statute of limitation periods run; so for example could it be that one claim which we think is especially promising already gets time-barred on March 14, 2016”, added Wegner. TILP implemented a platform for harmed investors to register their claims free of charge under www.vw-klage.de. Via this platform, investors also can get further information in the future. contact TILP Rechtsanwaltsgesellschaft mbH 2015-10-01 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 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