
Payoneer Global Inc. (PAYO)
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Investigation
03/29/2021
Initial Lawsuit
04/30/2021
Lawsuit Progression
07/21/2021
Dismissal
09/16/2021
Investigation regarding Volkswagen’s draft press release published announcing a name change to Voltswagen, an “April Fools’ gag” relied upon.
03/30/2021
The Wall Street Journal publishes an articles entitled “No, Volkswagen Isn’t Rebranding Itself Voltswagen” stating that “. . . a spokesman for the parent company in Germany later said the move was a joke.”
“The name change, which immediately lit up social media and online news sites, was originally intended as an early April Fools’ Day stunt to get people talking about VW’s ambitious electric car strategy as the company rolls out its first all-electric sport-utility vehicle, the ID. 4, in U.S. dealerships.” While investors took it seriously, the price per share moved, putting the car maker’s communications team on the defensive.
“We didn’t mean to mislead anyone,” a Volkswagen spokesman in Wolfsburg told The Wall Street Journal. “The whole thing is just a marketing action to get people talking about the ID.4.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$36.3 | $37.75 | $-1.45 | -3.84% |
This is a class action on behalf of persons or entities who purchased or otherwise acquired publicly traded Volkswagen securities between March 29, 2021 and March 30, 2021, inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(1) “Voltswagen” was never going to be used by Volkswagen AG, Volkswagen Group of America, Inc., or on any relevant vehicle;
(2) Volkswagen AG, Volkswagen Group of America, Inc., and their spokespeople purposefully misled reporters regarding the now-purported “joke” and/or “promotion”;
(3) as a result, defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times
07/21/2021
The court issued an order appointing the lead plaintiff and lead counsel.
On 09/16/2021, the court dismissed the complaint without prejudice.
The Court dismisses the action without prejudice for failure to timely serve process pursuant to Federal Rule of Civil Procedure 4(m).
[Plaintiff] presents no explanation, let alone a showing of excusable neglect, supporting her failure to complete service between the time the Court extended the deadline to complete service and the extended deadline.
Free File
Order on Motion to Dismiss
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