Regulators in the United States are currently investigating Volkswagen’s botched April Fools’ prank in which the company announced the rebranding of its US service as “Voltswagen” to reflect the company’s push into electric vehicles.
On March 29, the company appeared to print an error press release confirming the news three days before April Fools’ Day.
Numerous financial news sources verified its validity by citing unnamed business officials. The next day, Volkswagen issued a statement reiterating its commitment to the name change, including quotes from Volkswagen of America CEO Scott Keogh.
The ruse boosted the stock by more than 12% until numerous news organizations reported that it was just an early April Fools’ joke.
According to German news agency Der Spiegel, the Securities and Exchange Commission is now involved.
The SEC conducts investigations in a confidential manner and does not recognize the presence or non-existence of any investigation unless and until charges are filed,” an agency spokesperson said.
Volkswagen representatives did not immediately respond to The Post’s request for comment.
Keogh said earlier this month that he would personally accept blame for the blunder.
“We never imagined it taking hold in our wildest dreams,” Keogh told The Wall Street Journal in a Thursday interview. “If there is some confidence or reputation that can be restored in me, I will rebuild it.”
“We may be swapping our K for a T, but what remains constant is this brand’s dedication to producing best-in-class vehicles for drivers and people worldwide,” Keogh was quoted as saying in the original “joke” publication.
