Volkswagen knew of potential problems with its diesel engines more than a year before an emissions scandal roiled the German automaker, but the company maintained that officials did not violate financial disclosure laws.
VW has issued a chronology of the emissions scandal in response to lawsuits from shareholders over the impact of the scandal on the company’s stock price.
The synopsis, in part, indicated that former CEO Martin Winterkorn — who resigned in the wake of the controversy — received a memo about a diesel emissions investigation in May 2014 as part of his “extensive weekend mail.”
The US Environmental Protection Agency disclosed the presence of software to manipulate emissions levels about 16 months later.
In addition to subsequent criminal probes and civil lawsuits, VW shareholders have alleged in lawsuits that VW was required to publicly release information that could negatively impact the value of its shares.
The company responded in a prepared statement that those claims were “without merit.”