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Volkswagen tweet on “Voltswagen.” Image via Twitter Volkswagen tweet on Voltswagen. Image: Twitter

Investors are suing Volkswagen AG and Volkswagen Group of America Inc. after the company’s April Fools prank instigated a Securities and Exchange Commission investigation and, according to the lawsuit Friday, a drop in the company’s share price.

The company published and then deleted a press release March 29 dated for April 20 that announced the company would change its name to “Voltswagen,” as a reflection of its planned investment in electric vehicles. Several news sites ran reports noting that they confirmed the rebranding launch with company insiders, and the company tweeted out the news March 30, eliciting a media firestorm when it later announced that the name change was merely a joke.

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Alaina Lancaster

Alaina Lancaster, based in San Francisco, covers disruptive trends and technologies shaping the future of law. She authors the weekly legal futurist newsletter What's Next. Contact her at [email protected]. On Twitter: @a_lancaster3

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